We need to be consistent, improve our macroeconomic policies, decisions to control costs — Stephen Amoah

Dr Stephen Amoah, Deputy Minister of Trade and Industry has emphasised the critical need of improving macroeconomic policies and decisions to strengthen Ghana's economy.

In his State of the Nation Address (SONA) made in Parliament on Tuesday, February 28, 2024, President Nana Addo Dankwa Akufo-Addo indicated that the microeconomic signals are pointing to the right direction.

Notable among the good developments is the drop in inflation, which peaked at 54.1% in December 2022 but has subsequently fallen to 23.5% as of January 2024.

Key economic indicators show favourable developments, with real GDP growth in the first three quarters of 2023 averaging 2.8%, above the year's anticipated growth rate of 1.5%.

The Ghanaian cedi has shown stability since February 2023, with a cumulative loss of only 9% between February and December of the same year.

Also, Ghana's Gross International Reserves increased considerably, hitting $5.9 billion, enough to cover 2.7 months of imports of goods and services. The current account, which ended 2022 with a negative balance of -2.1% of GDP, became positive, reaching 1.4% of GDP by the end of September 2023.

In an interview with Citi FM, Deputy Minister Dr Amoah emphasised cost control in economic management.

He advocated for a focus on areas that would not only consolidate but also strengthen the fundamental elements of the economy.

"We only have to, as a country and as economic managers, make sure that we keep to the consistency and even improve upon our macroeconomic policies and decisions and make sure that we control costs more, concentrate on areas that can consolidate our economy and that can also strengthen the definitional elements," Dr. Amoah stated.