Ghana’s economy now stable, recovery kicking in – Finance Minister

The Minister of Finance, Dr. Mohammed Amin Adam, has assured Ghanaians that the country’s economy continues to remain stable and is showing signs of recovery.

According to him, both the current account and trade balances continued to improve, with low-key structural reforms to support growth, improve revenue mobilization, and support sound monetary and exchange policy beginning to yield fruit.

Dr. Adam stated this at the maiden Monthly Economic Update Series in Accra on March 27, 2024, which was moderated by the Information Minister-designate, Fatimatu Abubakar.

He noted that the latest figures from the Ghana Statistical Service (GSS) indicate that on a provisional basis, overall GDP for 2023 grew by 2.9 percent, compared to a target of 2.3 percent in the 2023 Mid-Year Review Budget.

He stated, “The economic performance we are witnessing has been achieved through the cooperation and sacrifice of all Ghanaians, and I take this opportunity to express the government’s appreciation for the immense support.”

He said growth was proving to be more resilient and robust than initially programmed, characterized by declining inflation, a largely stabilized exchange rate, an improved Gross International Reserves (GIR) position, and a declining rate of accumulation of public debt after the debt restructuring exercise.

“That comes on the back of the government’s implementation of the International Monetary Fund's (IMF)-supported Post-COVID-19 Programme for Economic Growth (PC-PEG),” he added.