BUSINESS

Ghana’s economy still robust – Adu Boahen

The government has assured investors and the global community that the economy was strong and robust and efforts to achieve the deficit and revenue targets were also well on track.

The government has assured investors and the global community that the economy was strong and robust and efforts to achieve the deficit and revenue targets were also well on track.

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The Minister of State at the Ministry of Finance, Mr. Charles Adu Boahen, who gave the assurance at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra Tuesday (November 2, 2021), said Ghana’s economic fundamentals were well robust today as they were three-to-four months ago.

He, therefore, asked investors selling off Ghana’s bonds in the international market to rethink their action as the sentiments driving those moves did not reflect the true state of the economy.

He said while the government was concerned about the “heightened sell-off” of Ghana’s bonds, it was confident that the situation would normalize in the coming days as bondholders get to appreciate the realities in the economy.

“I’m sure you all notice the global sell-off in our Eurobonds in the international stock market. There’s been a general sell-off but I am sure those of Ghana has been quite pronounced.”

“It is a situation that is of concern,” he said at the event meant to proffer solutions to the changes facing the economy ahead of the presentation of the 2022 Budget.

“I want to assure the audience that nothing fundamentally has changed; we’re still on track to meet our deficit, we are still on track to meet our revenue target for the year.”

“We believe that the market’s reaction is not based on the fundamentals, which are still as robust as they were three-to-four months ago,” Mr. Boahen said.

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