Minister of Finance, Dr Mohammed Amin Adam
The Minister of Finance, Dr. Mohammed Amin Adam, categorically stated that the local economy has rebounded stronger than before.
Addressing the press on Tuesday, December 3, 2024, he noted a growth of 5.8% and a downward trend in the inflation rate adding that despite the earlier economic crisis the country faced, fiscal discipline has been maintained.
Dr. Amin Adam indicated that the country’s growth was largely influenced by ICT and digitalization.
He said, “The Ghanaian economy has rebounded and indeed, has done so very strongly… While the nominal size of the Ghanaian economy was US$56 billion in 2016, by the end of 2023, the nominal size increased to US$76 billion, representing an increase of US$20 billion over 7 years.”
“Other notable achievements on the economic front include… a strong recovery with growth averaging 5.8% for the first half of 2024, which is the highest recorded in the last 5 years. Inflation is trending downwards, and the cedi is gaining strength. In an election year, we’ve maintained fiscal discipline,” Dr. Amin Adam added.
The finance minister urged Ghanaians to remember the sacrifices made by the government to bring the economy back on a sound footing.
It would be recalled that the local economy took a downward trend in 2020 after the country was hit by the deadly coronavirus pandemic and subsequently affected by the Russia-Ukraine war.
As part of measures to stabilize the economy, the government approached the International Monetary Fund (IMF) to seek US$3 billion in financial assistance.
SA/MA
