Following a sharp decline in recent years, Ghana’s economy has started to show signs of recovery, according to Finance Minister Ken Ofori-Atta.

The country’s inflation has started to decline because the economy is doing better, according to the Finance Minister during the 2024 budget statement that was presented in Parliament on Wednesday.

“In the midyear review, I informed the House that we have started turning the corner, and it is evident today. We turned the corner when inflation started to decline from 54.1 percent in December 2022 to 35.2 percent in October 2023. We turned the corner when the 1 percent projected growth came to 3 percent in the first two quarters of this year. We turned the corner when the currency, which had been under severe pressure over the past two years, depreciated by a modest 6.4 percent in the past nine months compared to 53.3 percent during the same period in 2022.”

“The performance of the Cedi is also a reflection that confidence is back, revenues have improved, and that the recovery is indeed real and here to stay. We turned the corner when companies went back to the job market to hire workers, and we turned the corner when the banking industry started to record and report profits after-tax growth of GH¢6.2 billion this half-year” Ken Ofori Atta revealed.

Back in July, during his midyear budget review, the Finance Minister received a lot of backlash for applauding Ghana’s economic advancement.