The Finance Minister, Ken Ofori Atta has presented the 2020 budget and financial policy of government in Parliament today, November 13, 2019.
According to Ken Ofori Atta, Ghana's economy has experienced a complete turnaround within 32 months since the Akufo-Addo administration took over management of the country.
Presenting the Financial Policy of the government for 2020 in Parliament, the Minister for Finance Ken Ofori Atta said economic growth has rebounded strongly from 3.4 percent in 2016 to an average of over 7 percent during the past 2 years.
He said the inflation rate has fallen from 15.4 percent in December 2016 to 7.6 percent in September 2019, the lowest since March 1992 adding that the 91-day treasury bill rate also fell steadily from nearly 17 percent in December 2016 and now stands at 14.7 percent;
“The fiscal deficit has declined from 6.5 percent of GDP in 2016 to 4.5 percent at the end of the third quarter of 2019; On the external front, the trade deficit has improved from US$1.8 billion in 2016 to a surplus of US$2.6 billion in August 2019,” he told the Parliamentarians.
Full statement below :