Ghana's economy grows by $20 billion under Akufo-Addo's government - Finance minister

The Minister of Finance, Dr. Mohammed Amin Adam, announced that the Ghanaian economy has grown by $20 billion under the Akufo-Addo-Bawumia administration as of December 2023.

He explained that in 2013, under Mahama’s administration, the size of the economy was $64 billion, but it decreased to $56 billion in 2016.

As of 2023, the size of the Ghanaian economy has increased to $76 billion, resulting in a $20 billion growth under Akufo-Addo’s government.

Dr. Amin Adam made this announcement during the Greater Accra Regional Town Hall meeting in Accra on Tuesday.

He mentioned that the government had made tough economic decisions amidst the global economic crises caused by the COVID-19 pandemic and the Russia-Ukraine war.

These decisions, according to him, are now showing positive results, with the economy "turning the corner."

Dr. Amin Adam highlighted the success of the Domestic Debt Exchange programme (DDEP), with 95% participation by local bondholders, as well as negotiations with external bilateral creditors, resulting in $2.8 billion debt service relief for Ghana.

As a result, Ghana has been granted a grace period until 2026 to repay its debt with a lower interest rate.

The Minister also pointed out that the Akufo-Addo-Bawumia administration recorded a $3.4 billion trade surplus in 2023, compared to a $1.8 billion trade deficit under the Mahama-led Government in 2016.

The event, organized by the Ministry of Information in collaboration with the Regional Coordinating Council, aimed to showcase the government’s infrastructural projects and social interventions in the Region.

It provided an opportunity for the 29 District, Municipal, and Metropolitan Assemblies (MMDAs) to exhibit key infrastructural projects implemented from 2017 to the present.

Journalists and the public were encouraged to ask questions and seek clarifications from duty-bearers.

Regarding inflation, Dr. Amin Adam stated that the government's resilient policies and programs had led to a significant reduction in inflation from 54% in 2022 to 22% as of June this year.

He assured that by the end of the year, inflation would drop to 15%, and if given the mandate in the December 7 Election, they aim to achieve single-digit inflation by 2025.

He attributed the inflation surge to the global economic downturn caused by the Russia-Ukraine conflict and the COVID-19 pandemic, not due to economic mismanagement.

The Minister also mentioned that the country's exports had increased due to the 'One District, One Factory' initiative, with 169 operational factories.

In her welcome address, the Minister of Information, Ms. Fatimatu Abubakar, stated that town hall meetings would be held across the country in all 16 regions until November this year.

She highlighted that the events would allow regional ministers, CEOs of various assemblies, and sector ministers to answer questions from the public regarding their performance.

She emphasized that the feedback from these interactions would help shape the government's future policies and programs.