Source: Ernest K. Arhinful

The Finance Minister, Dr. Mohammed Amin Adam, has stated that the Ghanaian economy is rebounding stronger than anticipated.

He attributes this economic growth to the stabilisation of the exchange rate, a decline in inflation, and a boost in gross international reserves.

According to Dr. Amin Adam, the policies and choices implemented by the government are yielding positive results.

In his presentation of the Mid-Year Budget Review on Tuesday, July 23, to Parliament, Dr. Amin Adam said that the government has successfully reversed the negative trends that previously plagued the economy and noted that key economic indicators are showing significant improvements.

Dr. Amin Adam

According to him, these achievements underscore the government’s commitment to sustaining these positive trends and ensuring the continued revival and growth of the Ghanaian economy for the benefit of all citizens.

“Growth continues to exceed our expectations. The 4.7 percent growth rate reported by the Ghana Statistical Service for the first quarter of 2024 exceeds the revised target of 3.1 percent; Inflation is declining. The end-June inflation rate of 22.8 percent, a reduction of 31 percentage points since December 2022, confirms the target threshold of +/-2 of 15 percent by the end of 2024 is possible;

“Exchange rate has largely stabilised, compared to December 2022, despite the recent pressures. The 18.6 percent depreciation rate to the US Dollar as of June 2024, represents an improvement over the 22.0 percent recorded for the same period last year; and Gross International Reserves reached 3.1 months of import as at end June 2024 against 2.5 months of imports in the same period last year.”

“Mr. Speaker, it is evident that we are on the right trajectory. The economy is rebounding stronger than anticipated. The choices we have made and the policies we are implementing are yielding results. We have reversed the negative trends, all the indicators are looking better.”

The Finance Minister assured that the government will stay committed to its current path and will continue to make prudent decisions to sustain the country’s economic growth.

“I want to assure you that we will stay on this path and continue to make the right choices. Our economic recovery is fast and strong.

“Mr. Speaker, over the last six months, we have sought to bring some urgency and speed to the implementation of key government programmes and also swiftly provided the necessary support for growth-enhancing initiatives,” he added.