Ghana's economy recovering fast - Amin Adam

Ghana's economic growth rate in recent times shows its fast recovery, Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, has said.

According to him, the local economy witnessed 3.3 per cent and 3.2 per cent in the first and second quarters of 2023 respectively.

Dr Amin Adam, speaking on Citi TV's The Point of View programme on Wednesday, October 12, 2023 said, “As far as recovery is concerned, I think that the figures show clearly that we are recovering, and we are recovering so fast. We offloaded the IMF fiscal adjustment into the 2023 budget which was presented in November 2022."

Mr Adam added that, "So from that point even though we hadn’t gotten the approval of the IMF program which happened in May this year the government had decided through a program that we put in place the Post COVID Programme for Economic Growth (PCPEG) that outlined a number of policy measures that the government wanted to implement.”

“And this is why in the first quarter, growth for example grew by 3.3%. In the second quarter, it grew by 3.2%. And so half into the year growth rebound has been strong averaging 3.2% against 3% same time last year,” he stated.

It would be recalled that the local economy took a nosedive in 2020 after the outbreak of the coronavirus pandemic.

It remained in a wobbling state for quite some time before the Russia-Ukraine war aggravated the case.

As part of measures to tame high inflation and stabilize the economy, the government on July 1, 2022, announced its decision to run to the International Monetary Fund (IMF) for a $3 billion financial bailout programme.

Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme.

A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.

On May 17, 2023, IMF's executive board approved Ghana's $3 billion loan facility.

The first tranche of $600million was received by the Bank of Ghana (BoG) on Friday, May 19, 2023.

The IMF programme, according to the government is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others

SA/NOQ

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