Ghana’s economy on a path to recovery as Finance Minister delivers positive budget update

In a budget statement on Wednesday, Ghana’s finance minister stated that the country’s economy was recovering, citing stronger economic growth than the previous year and a smaller budget deficit than anticipated thus far this year.

With the cedi currency falling precipitously and inflation running wild, the West African nation is experiencing its worst economic crisis in a century.

Due to its exclusion from global finance markets, the government of the producer of cocoa, gold, and oil went to the International Monetary Fund for financial assistance last year.

On Wednesday, Ghana’s Finance Minister Ken Ofori-Atta informed parliamentarians that the country’s total budget deficit from January to August was 3.0% of GDP, which was less than the 4.6% of GDP objective.

Source: BI