Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has announced that the country’s economy has fully bounced back from the economic challenges of recent years.
Speaking at a rally in Saboba, Northern Region, the Finance Minister highlighted the nation’s economic achievements, attributing them to focused and disciplined policies.
Exceeding Growth Targets
Dr. Amin Adam revealed that Ghana had exceeded its 2023 economic growth target of 2.8%, achieving a growth rate of 2.9%, and continues to show impressive performance in 2024.
“Last year, we were supposed to grow at 1.5 percent, but we grew at 2.9 percent. This year, by mid-year, we were supposed to grow at 3.1 percent, but we grew at 5.8 percent,” he stated.
He described this growth as a testament to the resilience of the economy following the difficulties experienced in the last three years.
Indicators of Economic Recovery
The Finance Minister cited improvements in macroeconomic stability, including inflation reduction, fiscal consolidation, and currency stability, as evidence of a rejuvenated economy.
“Ghana’s economy has come back to life following the difficulties we faced in the last three years. Macroeconomic stability is fast returning to our country. We all can see the indicators improving by the day,” he noted.
Focus on Sustained Growth
Dr. Amin Adam emphasized the government’s renewed focus on sustained economic growth. With the fundamentals stabilizing, the next step, he explained, is to bolster productivity and encourage private sector-led growth to create jobs and improve living standards.
“We want to focus on growth, economic growth, which has also already demonstrated that the economy has recovered strongly,” he remarked.
Background and Challenges
Ghana’s economy faced significant hurdles in recent years, including inflation spikes, currency depreciation, and a high debt burden, leading the government to seek an IMF $3 billion Extended Credit Facility. The Minister’s remarks signal confidence in Ghana’s recovery process, driven by structural reforms and fiscal discipline.
The announcement aligns with broader government narratives highlighting achievements in infrastructure, agriculture, and social interventions ahead of the 2024 general elections.
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