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Tuesday, May 28, 2024
BusinessGhana to soon experience economic recovery - Finance minister-designate


Ghana to soon experience economic recovery – Finance minister-designate


Minister of Finance-designate, Dr. Mohammed Amin Adam, expressed optimism about the country’s economic outlook, highlighting positive indicators during his speech at the Health Sector Annual Summit 2024.

Dr. Adam noted a decline in inflation, signaling an improvement in the economy. He conveyed his confidence in this trend continuing, projecting further reduction by the year’s end.

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Speaking as the manager of the economy, Dr. Adam emphasized the resilience of Ghana’s economic recovery despite challenges.

He attributed this success to effective policy measures, citing growth surpassing expectations in 2023.

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Highlighting the robust economic performance, he revealed that growth exceeded projections, reaching 2.9% compared to the anticipated 1.5% in 2023. Dr. Adam expressed optimism about the year ahead, citing current trends.

“The economy is rebounding strongly, and I can tell you as manager of the economy that our recovery is really strong. We face serious challenges, but the future is looking brighter and brighter,” he said.

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He also discussed the decline in inflation, which dropped from 54% at the end of 2022 to 25% after 12 months. Dr. Adam outlined the government’s target to reduce inflation to 15% by the end of 2024 and achieve a single-digit rate by 2027.

“As a result of the policies we have implemented, economic growth has become more robust than ever anticipated. Projected to grow by 1.5% last year [2023], we grew by 2.9%.

In conclusion, Dr. Adam reaffirmed the government’s commitment to economic stability and outlined its goals for inflation reduction in the coming years.

“The signs of growth we’re seeing from the data also show that this year will be strong, and so, when I say the economy is strong, I mean it. Inflation has also been on the decline, from a peak of 54% at the end of 2022, and 12 months later, it came down to 25%,” he explained.

“We are working to ensure inflation reaches 15% by the end of this year. And by the end of 2027, inflation comes with a single digit,” he said.

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