Amid deteriorating economic conditions and the government’s plan to secure an IMF support package, Finance Minister Ken Ofori-Atta is hoping for a “Ghana miracle” to save the economy.
Speaking to the media on the state of Ghana’s economy on Wednesday, the minister said that “the sanctity and proper functioning of the financial system is sacrosanct” and that the country’s economy can only recover. with the support and trust of all Ghanaians.
Ken Ofori-Atta, in his speech, was optimistic and compared the revival of the country’s economy to the great Celtic miracle in Ireland in the 1980s, when Ireland was one of the poorest economies in Europe and described as the “beggars of Europe“.
However, Ireland’s economic situation changed in the 1990s and its economy recorded an impressive average growth rate.
This is the miracle that Ken Ofori-Atta hopes will happen in the country’s economy.
“The sanctity and proper functioning of the financial system is sacrosanct and we need the support and trust of all Ghanaians to achieve this. Let’s join hands to achieve this.
“The great Celtic miracle in Ireland in the 1980s was the result of such collaborations, especially with Labor and we will also be blessed with the miracle in Ghana,” the minister said.
Meanwhile, the government, in an effort to revive the economy, has announced a 5-member committee composed leading financial services professionals to lead broad stakeholder engagements across all key segments of the financial sector – banking, assets, management, pensions and insurance – on measures to protect the financial system.
This comes on the back of the likelihood that the country will embark on a debt restructuring program.
The announcement of the members of the committee should be made in the coming days.
According to Finance Minister Ken Ofori-Atta, the committee will immediately get to work engaging key stakeholders in the financial services sector, in addition to ongoing engagements with civil society organizations (CSOs), social partners (unions, employers and faith-based organisations), academics, industry professionals and leaders of Parliament.
It is, he says, the ambition of the government to protect the financial sector.