Minister of Finance Ken Ofori-Atta has admitted that the country is facing economic challenges due to the high expenditure which characterised the 2020 financial year.
He told legislators on Wednesday, November 17 that the country recorded a total budget deficit of 15 per cent of the Gross Domestic Product (GDP) in 2020.
As a result, he stressed, President Nana Addo Dankwa Akufo-Addo is not losing sleep to ensure that the economy returns to pre-Covid-19 levels.
“Mr Speaker, we are under no illusions as to the economic challenges facing our country today,” he said in his delivery of the 2022 budget statement and the government’s economic policy.
He assured that they will steer the economy back to stable waters just like the President had stated at the height of the deadly pandemic.
“Mr Speaker, we have no doubt in our capacity as a government to turn things around,” he promised.