Dr. Mohammed Amin Adam, the Finance Minister, has announced that Ghana’s economy is rebounding more robustly than anticipated. Presenting the mid-year budget review on Tuesday, July 23, 2024, he attributed this growth to the stabilisation of the exchange rate, a decline in inflation, and an increase in gross international reserves.
Dr. Amin Adam highlighted that the government’s policies and choices are yielding positive results, reversing previous negative trends and improving economic indicators.
“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,” he stated.
He emphasised the stabilisation of the exchange rate despite recent pressures. “The exchange rate has largely stabilised compared to December 2022. 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. Gross International Reserves reached 3.1 months of imports as of 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 yield results. We have reversed the negative trends; all the indicators are looking better,” Dr. Amin Adam assured.
The Finance Minister committed to maintaining the current trajectory and continuing to make prudent decisions to sustain 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 concluded.
Dr. Amin Adam’s remarks highlight the government’s commitment to economic stabilisation and growth, reflecting a positive outlook for Ghana’s financial future.