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BusinessGhana witnessed 2.9% GDP growth in 2023 - Amin Adam

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Ghana witnessed 2.9% GDP growth in 2023 – Amin Adam

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During the Ministry of Finance’s monthly briefing on Friday, May 24, Finance Minister Dr. Mohammed Amin Adam unveiled Ghana’s Gross Domestic Product (GDP) growth of 2.9 percent in 2023.

This exceeded both the World Bank’s projected 1.5% and the revised projection of 2.3% for the same period.

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Dr. Amin Adam expressed optimism about future growth, anticipating an average of 5% in the medium term.

He attributed this optimism to the implementation of Ghana’s growth strategy under the PC-PEG, focusing on revitalizing industrialization, modernizing agriculture for increased value addition and economic opportunities, and supporting small and medium-sized enterprises (SMEs).

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Furthermore, Dr. Adam noted an improvement in Ghana’s international reserves, which now stand at $6.2 billion, covering 2.7 months of import cover as of February 2024, up from $5.9 billion in the corresponding period of 2022.

He projected further enhancement, aiming for the reserves to cover at least 4.4 months of imports in the medium term.

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This progress is expected to be bolstered by external inflows from entities such as the IMF and World Bank, Ghana’s Gold-for-Oil Programme, the Bank of Ghana’s Gold for Reserves programme, and funds from the Cocoa Syndicated Funds.

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