Finance Minister Ken Ofori-Atta has admitted that the state of the Ghanaian economy is not in the best shape.
Presenting the mid year budget review in Parliament on Monday July 25, he recounted the challenges Ghanaians are going through due to the impact of the warfare between Russia and Ukraine as well as Covid.
READ ALSO: Ghana’s debt stock now GH¢393bn
“Towards 2022 Russia invaded Ukraine, a situation that worsened the already weakened global supply chain exacerbated by high conditions.
“These have had a debilitating toll on the cost and standard of living of our people. Mr Speaker, food prices are rising, fuel and transport fares are up , the cost of borrowing for businesses and for households has increased, the cedi has depreciated and the economic outlook has dipped significantly.”
He further admitted that these are difficult times for the government.
“The state of affairs is quite a painful one for me to report to you , it is hard to see our people lament about the prices of basic commodities , these are difficult times for government and indeed, for the Finance Minister.”
The government will introduce an “enhanced domestics programme to complement the Ghana cares.”
“The Ghana CARES Obaatanpa will add value to our purse,” he added.