Finance Minister, Ken Ofori-Atta today read the mid-year budget review in Parliament.
According to him the country’s inflation and interest rates are lower than it was in 2016, adding that government didn’t go to IMF for bail out programmes.
The opposition National Democratic Congress (NDC) in a press conference had bemoaned the country’s rising debts and its impact on the next generation.
However, appearing before Parliament on Thursday July 29, 2021, the Finance Minister said the country’s rising debt can be attributed to the Coronavirus pandemic.
“Notwithstanding our elevated debt levels as a result of COVID-19, our inflation rate is lower than it was in 2016, our interest rates are lower than it were in 2016, our exchange rate is more stable than it was in 2016, our foreign exchange reserves are much higher than they were in 2016 and we did not have to lay off any workers nor cancel teacher trainee and nursing trainee allowances,” he told parliament.
“Furthermore, we did not go to the IMF for bailout programmes and neither have we built an interchange for the price of 3. This is because we have managed the economy much better than it was managed up to 2016,” he added.