Finance Minister Dr. Mohammed Amin Adam has highlighted the recovery and strength of Ghana’s economy, citing key indicators of growth and stability. He noted that the nominal size of the economy has risen to $76 billion and is projected to increase further by the end of the year. This marks a $20 billion growth over the past seven years, as the nominal size was $56 billion in 2016.
During a press briefing on the Monthly Update of the Ghanaian Economy, Dr. Amin Adam outlined several macroeconomic achievements for 2024. These include a robust economic recovery with an average growth rate of 5.8% in the first half of the year—the highest in the past five years—declining inflation rates, and the cedi’s recent stabilization.
“In this election year, we have upheld fiscal discipline despite undertaking significant infrastructure projects nationwide, as evidenced by the numerous projects recently inaugurated by the President,” he said. He also highlighted the successful completion of both domestic and external debt restructuring.
Additionally, Dr. Amin Adam emphasized that Ghana has, within 18 months, achieved significant milestones under the International Monetary Fund (IMF)-supported program. The country secured a $3 billion, three-year agreement with the IMF and has already completed three reviews, with the IMF Executive Board approving the third review just recently.
He further noted the improvement in external sector balances and a significant boost in Gross International Reserves. Despite focusing on fiscal consolidation and stability, the government has remained committed to social welfare and protection programs, particularly for the most vulnerable in society.
Source: TheDotNews