Finance Minister Dr. Mohammed Amin Adams has given Ghanaians a vote of confidence, assuring them that the country’s economy is poised for growth and will continue to strengthen in the coming days.
Dr. Amin Adam in his address during the monthly press briefing expressed optimism about Ghana’s economic prospects, citing expectations of a rebound and positive improvements in key macroeconomic indicators.
According to Dr Adam, the government is committed to implementing long-term policies to sustain the country’s economic recovery.
These measures, he emphasised, will not only restore economic stability but also create a favourable environment for investment recovery.
“But in doing this, I also want to assure them that this economy is not going back. The economy is growing stronger and stronger by the day, and it will even be stronger over the next few years as the government implements far-reaching policies that will lead our growth, particularly on the industrial components of our economy. This economy is strong.
“This economy will serve everybody, and this economy will be known to the benefit of all Ghanaians.”
He further revealed that Ghana’s economy is experiencing a robust and sustained rebound in economic activities, paving the way for continued economic growth and stability, according to recent statements.
This positive trend, he believed, is expected to have a proportional impact on the country’s economic development, fostering an environment conducive to growth and stability.
“We have witnessed a strong and continual rebound in economic activity with real GDP growth accelerating to 6.9 percent in quarter two of 2024 after 4.7 percent growth in quarter one of the year and up from 3.8 percent in quarter four in 2023 last year. This was driven largely by robust performance in the industrial, the agricultural and the ICT sectors. So for those who do not think that digitalization is an economic issue, our growth has been largely influenced by ICT digitalization.”
“The first half of 2024 therefore recorded an average growth rate of 5.8 percent, the highest in the past five years and this is a strong signal that GDP growth is gradually returning to pre-pandemic growth levels. Though the Ghana Statistical Service has not yet released the quarter three GDP data for the year, data from the Bank of Ghana. shows GDP growth was still robust in the third quarter with the composite index of economic activity, CIEA, recording a growth of 2.8 percent for quarter three of 2024. This is a strong rebound from the contraction of 2.4 percent observed during the same period in 2023.”
Story by: Sarah Esinam Atiemo | univers.ug.edu.gh
