ACCRA, Nov 15 (Reuters) – Ghana’s finance minister said on Wednesday in a budget speech that the economy was getting back on track, pointing to a smaller budget deficit than targeted so far this year and higher economic growth than last year.

The West African country is grappling with its worst economic crisis in a generation, with a sharply weaker cedi currency GHS= and rampant inflation.

The government of the gold, oil and cocoa producer turned to the International Monetary Fund for financial support last year as it was locked out of international capital markets.

Finance Minister Ken Ofori-Atta told lawmakers on Wednesday that Ghana had recorded an overall budget deficit of 3.0% of gross domestic product (GDP) over January-August, better than a targeted deficit of 4.6% of GDP.

He said real GDP growth had averaged 3.2% in the first half of this year, an improvement on 2.9% growth in same period in 2022.

The central bank had bought gold worth more than $1 billion to boost its reserves since it launched a gold-for-reserves programme, he added.

For 2024, Ghana is targeting GDP growth of at least 2.8%, a year-end inflation rate of 15% from more than 35% in October this year GHCPIY=ECI and a primary budget surplus of 0.5% of GDP.

(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Sofia Christensen; Editing by Alexander Winning and Bate Felix)