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Ministry of Finance is Leading the Way, the Mid-Wife Birthing a New Ghana - Ken Ofori-Atta

Ministry of Finance is Leading the Way, the Mid-Wife Birthing a New Ghana - Ken Ofori-Atta

Accra, 5th November, 2020 - Ghana’s Finance Minister, Ken Ofori-Atta has noted with gratitude that the Ministry of Finance was leading the way in birthing a new Ghana laced with enormous potentials and opportunities for all.

He noted that with the post covid-19 economic revitalization measures put in place, the tone was set for a thriving economy adding that “To the glory of God, the audacious GHȻ100 billion Covid-19 Alleviation and Revitalization of Enterprise support (Ghana CAREs “Obaatanpa” project) will also be launched by His Excellency the President next week”.

Furthermore, the hosting of the Secretariat of the African Continental Free Trade Area in Ghana with its associated economic benefits, the strengthened financial sector, collaboration with the NBSSI on the Coronavirus Alleviation Programme Business Support Scheme among others all point to a thriving economy, full of opportunities, come next year. 

To this end, he urged staff of the Ministry not to rest on their oars but to continue to work diligently for God and country in the new normal laced with enormous opportunities, adding, “the pandemic came along with its necessary lessons, and has really taught us to be more ingenious, creative and to depend on ourselves for our survival”.

He made these remarks when he addressed staff at the Ministry’s 4th quarter Staff Durbar for 2020 during which he expressed profound appreciation to Management and Staff for the unflinching support and commitment, which has led to a number of achievements for the Ministry and a stabilized and revitalized economy for the benefit of all Ghanaians.

According to the Minister, the government’s most challenging task in 2017 was to liberate the country from the shackles of an IMF Programme, stabilize the macro economy and place it on a trajectory of growth to improve the lives and livelihoods of Ghanaians.

This was mainly on course and the country had chalked a number of successes until the Covid-19 pandemic hit the world and like all countries, the lives and livelihoods of Ghanaians were negatively impacted. 

“We must be thankful for these successes, some of which unfortunately, have been eroded by the ravages of the Covid-19 pandemic”, he stated.

Mr. Ofori-Atta enumerated a number of successes during the past four years including the digitization of revenue to plug leakages and introduction of policies and programmes to improve revenue administration and tax compliance. Re-profiling of the country’s debts by extending the maturity of short term debts, the financial sector clean-up and introduction expenditure control measures to minimize inefficiency and cost overruns.

The Finance Minister added that owing to sound macroeconomic management the international capital markets reaffirmed their confidence in the economic management of Ghana by the phenomenal subscription for Ghana’s sovereign bonds.

“Indeed Ghana became the first ever Sub-Saharan country to issue a 41-year bond (US$750M) raising in total US$3 billion in the international capital market” He disclosed.

Mr. Ofori-Atta continued that, for effective supervision and accountability in the public financial space and to guide and protect gains achieved, the Ministry passed a number of laws and Acts including The Public Financial Management Regulations, 2019, State Interest and Government Authority Act 2019, Statistics Bill and Fiscal Responsibility Act etc.

He commended the Chief Director of the Ministry for winning the overall best Chief Director Award at the 2020 Civil Service Awards Night and other awardees for their shining examples worthy of emulation.

He entreated staff to strive to do their best for God and country at all times and added that he was looking forward to deserving staff winning some wonderful awards that the end of the year.

In attendance at the programme were Hon. Charles Adu Boahen and Abena Osei Asare, Deputy Ministers for Finance, Mr. Patrick Nomo, Chief Director, Management and Staff of the Ministry END

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