The Minister of Finance, Ken Ofori-Atta says the Ministry and the Bank of Ghana must continue to push boundaries and work with equanimity to guarantee economic freedom and social mobility for all.
“Ultimately, I know that once we all continue to speak one language, nothing we plan to do will be impossible,” he said.
Mr Ofori-Atta, speaking at the Bank’s End of Year Cocktail, said over the next 12 months, “We have the chance to build hope and hitch all our wagons together to take our community across the Jordan.”
He said in these nearly seven years, they had worked together to deliver near-impossible feats from the establishment of the Consolidated Bank of Ghana to the operationalisation of the Development Bank and the raising of over $10 billion in the Eurobond market, among many others.
He said undoubtedly the recent global upheavals put the economy under strain, yet the collaborative spirit between the two institutions had never been stronger.
He said together, they have strived to reset the financial architecture and despite the challenges over the last three years, I am proud that we have “turned the corner” toward a more robust and transformed economy.
“Indeed, amidst these trials, our united front in managing the Bank’s balance sheet has been nothing short of heroic,” he added.
Mr Ofori-Atta said economic growth had rebounded, the exchange rate was more stable, and interest rates were softening.
More importantly, the Ghana Statistical Services reported earlier that inflation has slowed down to 26.4 per cent in November 2023 from 35.2 per cent in October 2023.
The Minister said in effect, the Bank and the Treasury’s collaborative efforts had halved inflation (from 54.1 per cent in December 2022) in under 12 months.
“But while it is welcome news that prices are no longer rising as quickly, we know many people continue to face severe cost of living pressures. So, we must stay the course to continue to get inflation back down to single digits as quickly as possible,” he said.
Mr Ofori-Atta said they must never forget that their work was vital not just for the present but also for the future of the country.
He said the journey was far from over, and the road ahead would require continued perseverance and unity.
“I am confident that we will not only prevail but also propel Ghana towards a more prosperous future,” he said.
He said they saw earlier in the year, for instance, how the publication of the Bank’s 2022 Annual report led to a quite frankly timid debate about the competence of the Governor and the Bank’s leadership team.
“Simply put, we have a lot of work ahead of us, and we cannot afford to lose our focus,” he added.
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