Ghana's finance minister, Ken Ofori-Atta, has maintained that the country's economy has "turned the corner" despite the country's current economic difficulties.

He claims that the government has made significant progress, proving that the economy has passed a critical threshold and is now showing signs of improvement.

“We have seen progress, and for me, it’s marvellous in my own eyes where we are now as a country,” he made the remarks during an interview on GTV’s Talking Point segment on Sunday, August 6, 2023.

The opposition in Parliament as well as prominent Ghanaian economists have harshly criticized the remarks, which were made for the first time by the finance minister in Parliament, but Ofori-Atta has stuck to his guns.

However, according to a recent report by the World Bank, Ghana's economy will return to normal levels by 2025.

“Growth will further decelerate in the short term (2023-24) before returning to its potential after 2025,” the World Bank said in its 7th Ghana Economic Update titled ‘Price Surge: Un-ravelling Inflation’s Toll on Poverty and Food Security’.

The annual analytical report, written by three World Bank economists—Kwabena Gyan Kwakye, economist; Paul Andres Corral Rodas, Senior Economist; and David Elmaleh, Senior Economist—examined Ghana's prospects for economic growth.

The World Bank research, which also concentrated on the effects of inflation on households, showed that Ghana's economy recovered from the 0.5 percent post-COVID-19 growth rate to 5.3 percent in 2021.