<\/p>\n
The Minister of Finance, Ken Ofori-Atta believes Ghana\u2019s economy is recording some marginal growth despite recent ravaging shocks.<\/p>\n
\u201cOverall, our growth outturn of 3.4% and 4.8% in Q1 and Q2 of 2022 respectively, coupled with modest improvements in our fiscal position, suggests our economy is gradually on the upswing despite the numerous shocks we have faced over the past two years,\u201d he said at a press briefing on Wednesday.<\/p>\n
\u201cThese figures demonstrate that in spite of recent challenges, there has been economic growth, modest as the gains so far may be,\u201d the Finance Minister added.<\/p>\n
Mr. Ofori-Atta said this progress gives Ghana a solid foundation to confront its economic challenges head-on.<\/p>\n
\u201cUndoubtedly, global risks remain on the horizon, including a strengthening US dollar and higher interest rates which negatively affect external borrowing. This development is exerting enormous pressure on our Balance of Payment position, and thus the need for us to expedite our engagement with the IMF.\u201d<\/p>\n
Ghana is currently seeking a $3 billion bailout programme from the International Monetary Fund (IMF).<\/p>\n
Ghana was compelled to seek the IMF support because of the worsening debt stock, fiscal challenges, depreciation of the cedi, upsurge in inflation, as well as shocks from COVID-19 and the Russia-Ukraine war.<\/p>\n
Mr. Ofori-Atta told the press that the Ghana Revenue Authority has intensified its efforts to shore up domestic revenue mobilization, particularly in relation to the enforcement of compliance measures, in a bid to resolve the country\u2019s fiscal challenges.<\/p>\n
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