Finance Minister Dr. Mohammed Amin Adam has confirmed that Ghana’s economy is steadily recovering from the challenges faced in recent years. Speaking at a rally in Saboba, Northern Region, on Monday, November 26, the minister reassured Ghanaians that macroeconomic stability is quickly returning to the country. He highlighted positive indicators, including a rebound in key economic growth figures, as evidence of this recovery.
Dr. Adam explained that despite the tough economic conditions of the past three years, Ghana’s economic performance is showing clear signs of improvement. He pointed to impressive growth figures, noting that the country outperformed initial projections for 2023 and 2024. While the expected growth rate for last year was 1.5%, Ghana recorded a 2.9% growth. Similarly, the anticipated 3.1% growth for the first half of this year was surpassed with a robust 5.8% growth, signaling a strong economic rebound.
These remarks echo similar statements made by President Akufo-Addo, who also commended the nation’s economic recovery. During a speech on November 20, 2024, at the commissioning of the Bank Square, the new headquarters of the Bank of Ghana, the president shared optimistic data showing significant improvements. Provisional GDP growth of 6.9% in Q2 of 2024, along with a notable 7.0% growth in non-oil sectors, underscores the resilience of Ghana’s agriculture, industry, and services sectors.
Further supporting the positive outlook, President Akufo-Addo highlighted a sharp reduction in inflation from 54.1% in 2022 to 22.1% by October 2024, easing the financial strain on households and businesses. Additionally, the country is experiencing a trade surplus of $2.78 billion and has international reserves of $7.5 billion, providing a robust cushion against external shocks. These accomplishments, according to the president, reflect the effective monetary policies led by Governor Ernest Addison and his team at the Bank of Ghana, as well as the collaborative efforts of all sectors working together for Ghana’s economic prosperity.
