GHANA’S Finance Minister, kenneth Ofori-Atta, is upbeat about the West African nation’s economy. He says the resilient West African country is ready for business.
Sometime in 2022, Ghana, whose sovereign bonds had been over-subscribed by 300% two years earlier, was shut out of the international capital market. Inflation had soared from 13.9% in January to end at an astonishing 54.1% by December 2022. The nation’s currency, the Ghanaian Cedi depreciated by about 50%.
Today, according to Ofori-Atta, calm and stability returned, almost in the same rapid manner they disappeared. Inflation now stands at 38% and trending gradually downwards. The Ghanaian Cedi has lost only a modest 4.4% since February 2023. A painful Domestic debt exchange has been completed, while processes to restructure external debt are advancing steadily. It was not therefore surprising that, on July 31, this year, Ofori-Atta proudly declared to parliament “the nation has turned the corner”.
Ghana has made the dramatic recovery thanks to a slew of bold reforms and support of the International Monetary Fund (IMF). Within five months of seeking support from the IMF, Minister Ofori-Atta led the Ghanaian Team to achieve a Staff Level Agreement (SLA) to secure approval for an IMF programme in record time. Just last week, the IMF Technical Team affirmed and commended Ghana’s turnaround story and issued a clean bill of health on its assessment of the Programme.
Ghana’s full participation in this year’s IMF/World Bank Annual Meetings is proof that all is now well with the country, and its economy is open to all bona fide investors and partners.
In many ways, the Ghanaian economy and Minister Ofori-Atta typify the immutable spirit embodied in the Akan Adinkra Symbol – Aya Fern: which symbolizes endurance, defiance against difficulties, hardiness, perseverance, and resourcefulness.