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NewsGhana's economic growth has become more robust than ever anticipated - Finance...

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Ghana’s economic growth has become more robust than ever anticipated – Finance Minister

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Ghana’s Minister of Finance, Dr. Mohammed Amin Adam, has voiced his satisfaction with the significant economic recovery the country is experiencing.

Speaking at the Health Sector Annual Summit 2024, Dr. Adam shared his optimism about the nation’s economic trajectory post-COVID-19.

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The minister highlighted a notable decrease in inflation over recent months, signaling a robust path to economic recovery.

As the special guest of honor at the summit, Dr. Adam expressed confidence that inflation would continue its downward trend and reach significantly lower levels by the year’s end.

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“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.

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

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“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%.

“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 further elaborated on the positive indicators, stating, “This Thursday, the Controller is transferring GH¢177 million to the Ministry of Health to pay the nursing training allowances. So I have also alerted Dr. Okoe-Boye to be on standby when the money hits the Ministry of Health account, they should move it quickly to the accounts of the nursing trainees so that they will have their alawa. It will drop.”

In related news, Vice President Dr. Mahamudu Bawumia announced that the government has secured financial clearance to settle arrears owed to trainee nurses nationwide.

A sum of one hundred and seventy-seven million Ghana cedis has been approved by the Ministry of Finance for disbursement to trainee nurses.

During a meeting with nurses and midwives in Accra, Dr. Bawumia assured that the funds would be transferred promptly, stating, “This Thursday, GH¢177 million will be transferred to the Ministry of Health to pay nursing training allowances. We are ensuring swift disbursement to ensure our nursing trainees receive their allowances without delay.”

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