Finance Minister Announces Rapid Return of Macroeconomic Stability in the Country”

“Dr. Mohammed Amin Adam, Finance Minister, stated that Ghana’s economy has regained strength after the challenges experienced over the past three years.”

Dr. Mohammed Amin Adam, the Finance Minister, stated that Ghana’s economy is on the path to recovery after facing significant challenges over the past three years. Speaking at a rally in Saboba, Northern Region, on Monday, November 26, he emphasized that macroeconomic stability is quickly returning, with positive indicators becoming more evident each day.

 

He highlighted that the focus is now shifting towards fostering economic growth, which has already shown signs of a strong recovery. For instance, Ghana’s economy grew by 2.9% last year, surpassing the expected 1.5%, and in the first half of this year, growth exceeded expectations with a 5.8% increase compared to the projected 3.1%.

 

President Akufo-Addo echoed similar sentiments last week regarding the recovery of Ghana’s economy. On Wednesday, November 20, 2024, during the commissioning of The Bank Square, the new headquarters of the Bank of Ghana in Accra, he stated that recent data from the Bank of Ghana indicates that the economy is firmly on the path to recovery. He highlighted provisional GDP growth of 6.9% in the second quarter of 2024, with a strong non-oil growth rate of 7.0%, underscoring the resilience of the agriculture, industry, and services sectors.

 

President Akufo-Addo emphasized notable economic progress, citing a significant reduction in inflation from 54.1% in 2022 to 22.1% by October 2024, which has eased the financial strain on households and businesses. He also highlighted a trade surplus of $2.78 billion and international reserves totaling $7.5 billion, offering a solid safeguard against external economic shocks.

 

The President commended the leadership of the Bank of Ghana under Governor Ernest Addison for successfully implementing effective monetary policies, which contributed to these positive outcomes. He also acknowledged the work of the architects, engineers, and contractors, particularly GoldKey Properties, a Ghanaian-owned company, for their role in the completion of the Bank of Ghana’s new headquarters, The Bank Square.

 

In his address, President Akufo-Addo urged for continued collaboration to foster a stable, inclusive, and prosperous economy. He underscored that the Bank Square stands not only as a testament to past achievements but as a symbol of hope for future economic growth, encouraging Ghanaians to unite for a stronger, more prosperous nation.