The deputy communications director at the Office of the President, Yaw Preko, has said the government’s current economic restructuring programme is intended to build a resilient, robust economy that is least vulnerable to external shocks.
“The World Bank’s latest economic update acknowledges that domestic imbalances such as high energy sector costs, domestic debt restructuring programmes, and external shocks, particularly the Ukraine-Russia crisis, have contributed to macroeconomic challenges,” he said.
Government Recovery Policies
Preko said the government has implemented several policies to put the economy back on track, including the domestic debt restructuring and the recently approved IMF deal, adding that the government is committed to expenditure cuts to ensure fiscal stability.
He said Ghana’s economy will begin to experience growth.
“The restructuring is intended to build an even more resilient economy that is least vulnerable to external shocks,” Preko said.
He said despite the lasting impact of the COVID-19 pandemic and global economic disruptions, the government remains committed to implementing effective policies and reforms to bring the economy back on track.
Impact of COVID-19 pandemic
Ghana experienced a significant economic slowdown during the COVID-19 pandemic, and the growth rate was recorded as low as 0.4%.
However, the current government’s expedient recovery paid off, leading to a swift recovery in 2021 with a growth rate of 5.4%.
Reporting by John Attafuah in the Eastern Region
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