Finance Minister, Ken Ofori-Atta has stated that Ghana’s economy is displaying encouraging signs of revival.

The Minister made these remarks while delivering the 2023 Mid-Year Budget Review in Parliament on Monday, July 31, 2023.

“As I have indicated, we have made significant progress on restoring macroeconomic stability and the narrative is changing. The economy is showing signs of recovery,” he said.

He noted that “the exchange rate has stabilised, inflation has softened, and interest rates have declined since December, 2022.”

He explained to the House that the positive outcomes are a direct consequence of the dedicated execution of all the measures outlined in the 2023 Budget and the favorable sentiments stemming from the advancements made in the IMF Programme.

“Mr. Speaker, these outturns are the result of focused implementation of all the measures we presented in the 2023 Budget and the positive sentiments arising from the progress with the IMF Programme, which I will now discuss,” he noted.

The Mid-Year Budget Review is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921). It serves as a crucial stepping stone, enabling the government to embark on a transformative economic agenda for the latter half of the year.

Earlier, the Finance Ministry explained that this year's Mid-Year Budget Review will lay out essential programmes and policies aimed at restoring macroeconomic stability, while propelling economic growth.