Ghana's economy is on a positive trajectory - Finance Minister

Ghana's Minister of Finance, Dr. Mohammed Amin Adam, has said that the country’s economy is on a positive economic trajectory.

According to him, inflation has been decreasing, signalling that the economy is improving.

The finance minister made this assurance at the Health Sector Annual Summit 2024, where he was a guest speaker.

There, Dr. Adam conveyed his confidence in the ongoing decline of inflation, adding that it would reduce further by year's end.

“The economy is rebounding strongly, and I can tell you as the manager of the economy that our recovery is really strong. We face serious challenges, but the future is looking brighter and brighter,” he said.

Dr. Adam attributed the stronger-than-expected economic performance to effective policy measures, with growth surpassing projections at 2.9% in 2023, against an expected 1.5%.

He further noted that current trends indicate a solid year ahead.

“As a result of the policies we have implemented, economic growth has become more robust than ever anticipated. Projected to grow by 1.5% last year [2023], we grew by 2.9%.

“The signs of growth we’re seeing from the data also show that this year will be strong, and so, when I say the economy is strong, I mean it. Inflation has also been on the decline, from a peak of 54% at the end of 2022, and 12 months later, it came down to 25%,” he explained.

He added that the government intends to bring inflation down to 15% by the end of 2024 and to achieve a single-digit rate by the end of 2027.

“We are working to ensure inflation reaches 15% by the end of this year. And by the end of 2027, inflation comes with a single digit,” he said.

ID/NOQ

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