Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has asserted that the local economy has shown remarkable resilience amidst challenges, including debt restructuring.
According to him, with measures put in place by the government to put the economy back on a sound footing, there are positive signals for investments in the country.
Speaking at the Ghana Club 100 CEO's Breakfast Meeting in Accra on Tuesday, July 30, 2024, Yofi Grant also noted that the 2024 macro-economic framework has been revised.
The overall real GDP growth rate has been revised upwards from 2.8 percent to 3.1 percent whiles the non-oil real GDP growth rate has moved from 2.1 percent to 2.8 percent.
“The Ghanaian economy has shown remarkable resilience in the face of global challenges in response to recent domestic and global economic developments, including the debt restructuring programme with external and domestic creditors. The 2024 macro-economic framework has been revised…these are positive signals for investments," he said.
It would be recalled that the Minister of Finance, Dr. Mohammed Amin Adam, while presenting the 2024 mid-year budget review statement in parliament, pointed out that the end-year inflation target was maintained at 15%.
He explained that the primary balance on a commitment basis remains unchanged at the targeted surplus of 0.5% of GDP, in line with the IMF-supported PC-PEG objectives.
Gross International Reserves (including oil funds and encumbered/pledged assets) are expected to cover not less than 3.0 months of imports, up from the initial 1.7 months of imports cover.
The finance minister also added that expenditure was revised downwards by 2.1%.
SA/NOQ
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