The overcoming spirit of the Ghanaian people that does not cover in the face of challenges will inspire the government to provide the leadership required to resolve the difficulties that the country is going through, according to Finance Minister Ken Ofori-Atta.
He admitted ties are hard and things are not what they should be but stressed in the current journey of resuscitation of the economy it is important to eschew pessimism that takes invaluable energy away from the forward march to transformation.
“As one people, we must speak the same language of patriotism to guarantee our own collective success – for a united country will have no restraint but victory,” he said.
“Ours is a country of strong, courageous, resilient, optimistic and joyful people. Indeed, it is amazing how we can find humour in the most difficult situations which keeps our spirits alive.”
The Minister said this Monday, July 25 when he presented the 2022 Budget review to Parliament.
According to him, following the ravages of the COVID-19 pandemic the Russian invasion of Ukraine worsened an already weakened global supply chain and exacerbated by high financing conditions, surging food prices, fertiliser, financing, building materials and fuel prices – that manifested in soaring inflation domestically.
These, he said, have had a debilitating toll on the cost and standard of living of our people.
The government, he said, is forced to go to the International Monetary Fund (IMF) again as a short-term measure for a balance of payment support despite earlier determination not to do so.
Mr. Ken Ofori-Atta averred that in the longer term what the state really needs is a major structural shift in its economy.
“The structure of the economy is still largely primary despite the numerous attempts to structurally transform it through various industrialisation programmes. We are heavily reliant on primary commodities, extractive industry and are price takers on the market.”
“Our capacity and productivity remain low both in the public and private sectors. There are huge inefficiencies as well as limited skills to foster our development and improve our standards of living. In this regard, any adverse global development impacts us negatively no matter how efficient we manage the economy.”
He averred that to revive the economy and keep self-sustaining, President Akufo-Addo’s vision of a Ghana Beyond Aid is critical to reducing the economy’s vulnerability to global shocks.
According to him, over the last few years implementation of the government’s flagships including the 1D1F, Planting for Food and Jobs, the Road and Railway development programme and the GhanaCares Obaatan Pa will add value to Ghana’s products.