Collective economic sacrifices by government, citizenry is paying off, says Amin Adam
Minister of State at the Ministry of Finance, Dr Amin Adam, has stated that the collective economic sacrifices by Ghanaians and the Akufo-Addo government have started paying off.
The sacrifices, according to Dr. Adam has resulted in the recovery path that the economy is currently on and government is not going to relent on its efforts to put the economy back to the highway of growth it was on before the outbreak of the COVID-19 pandemic.
The minister of state at the finance ministry made the observation on PM express on the Joy news channel today, 24 August 2023.
“The government of President Akufo-Addo is bring a lot of skills into the management of the country’s economy. The difficulties we went through, COVID, the Russian-Ukraine war, and how we have navigated our way to a period where we can now see the economy recovering is not by accident, ” Dr Amin Adam said.
“It has been as a result of master craftsmanship in economic management, it has been as a result of so must skill, commitment, dedication and then also, the sacrifices of the government and all the people who work with the government but also, the citizens have made sacrifices because of their participation in the DDEP and we thank them for those forbearance and those sacrifices,” Amin added.
Food inflation
On the subject matter of inflation and food inflation, Dr Min noted that even though the country is on a disinflation path having seen inflation drop from 54% to the current state of 43%, it is nevertheless, still high and government is going to continue to work inflation down.
“The major component of the current inflation rate is food inflation, which stands at 54%. But if you further disaggregate the food inflation, then you see that [about 63% is actually imported food inflation].
“To address this phenomenon, Dr. Adam noted that there is a need to increase domestic food production and is why the president will be launching the second phase of the planting for food and jobs in order to give a boost to food production” Amin Adam said.
