Minister for Finance, Dr. Mohammed Amin Adam, has announced that Ghana’s economy has expanded by $20 billion under the Akufo-Addo/Bawumia Administration as of December 2023.
Speaking at the Greater Accra Regional Town Hall meeting in Accra, Dr. Amin Adam explained that the economy, which was valued at $64 billion in 2013 under Mahama’s administration, had decreased to $56 billion by 2016. However, it had risen to $76 billion by 2023, reflecting significant nominal growth.
The Finance Minister highlighted the government’s tough economic decisions amid global crises such as the COVID-19 pandemic and the Russia-Ukraine war, which have begun yielding positive results.
He noted, “The economy is now turning the corner.”
One of the key measures cited by Dr. Amin Adam was the Domestic Debt Exchange Programme (DDEP), which achieved 95% participation from local bondholders.
Additionally, the government negotiated with external bilateral creditors to secure $2.8 billion in debt service relief, granting Ghana a grace period until 2026 with reduced interest rates.
Dr. Amin Adam also pointed out the $3.4 billion trade surplus recorded in 2023 under the current administration, compared to the $1.8 billion trade deficit in 2016 under the Mahama-led government.
The town hall meeting, organized by the Ministry of Information in collaboration with the Regional Coordinating Council, aimed to showcase the government’s infrastructural projects and social interventions in the Greater Accra Region.
It provided an opportunity for all 29 District, Municipal, and Metropolitan Assemblies (MMDAs) to exhibit key projects implemented since 2017. The event also allowed journalists and the public to ask questions and seek clarifications from government officials.
Discussing inflation, Dr. Amin Adam reported a significant drop from 54% in 2022 to 22% as of June 2023, attributing the surge in inflation to global economic challenges rather than domestic mismanagement.
He projected that inflation would decrease further to 15% by the end of the year and promised to bring it down to a single digit by 2025 if given the mandate in the upcoming December 7 election.
Dr. Amin Adam also highlighted the increase in exports due to the ‘One District, One Factory’ initiative, with 169 factories currently operational.
Minister of Information, Ms. Fatimatu Abubakar, in her welcome remarks, stated that similar town hall meetings would be held across all 16 regions until November.