Friday, September 20News That Matters

2019 Budget: Economy is in good shape – Finance Minister

The Finance Minister, Ken Ofori-Atta has affirmed that the performance of the economy for the first nine months has been impressive.

Presenting the Budget Statement and Economic Policy of the Government of Ghana for the 2019 Financial Year, he said data as at the end September 2018 shows that, the economy is in good shape and we are on track to meet our targets.

“The public debt including the financial sector bailout costs at the end of September 2018 was 57.4 percent of rebased GDP; The monetary policy rate dropped from 20 percent at the end of 2017 to 17 percent at the end of October 2018; The exchange rate, which appreciated against the US Dollar up to May 2018, depreciated by 7.57 percent at the end of Sept 2018 largely on account of external pressures including the strengthening of the US dollar, the US-China trade war, and theUS Fed policy rate hikes.”

Compared to other emerging economies, Ghana has been able to weather the storm a lot better, primarily due to strong economic fundamentals, he stated.

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