Minister of Finance, Dr. Mohammed Amin Adam, has explained how his ministry has enhanced resources for social programs like the Livelihood Empowerment Against Poverty (LEAP).
During the Minister’s Press Briefing on the Monthly Economic Update today, August 29, 2024, Dr. Amin Adam highlighted that the Ministry skipped July’s update due to the mid-year budget presentation.
His briefing today covered the economy’s performance so far, progress with the IMF-supported Post-COVID-19 Economic Recovery Program (PCPEG), Ghana’s debt restructuring efforts, developments in the financial sector, and the effects of dry weather conditions on agriculture.
He underscored that the Ministry is making significant strides in achieving macroeconomic stability and growth, with the economy showing resilience—evidenced by a 4.7% growth in the first quarter of 2024, compared to 3.1% in the same period in 2023. This growth is supported by increasing economic activity as indicated by the Composite Index of Economic Activity.
Dr. Amin Adam stated that to support vulnerable populations, they have enhanced resources for social programs such as the Livelihood Empowerment Against Poverty (LEAP) Program, the National Health Insurance Scheme (NHIS), and the Ghana School Feeding Program.
He noted that benefits under the LEAP Program have more than doubled, with significant increases in funding for the NHIS and other key social initiatives. This commitment ensures that policy adjustments help protect the poor and mitigate the challenges they face.
He pointed out that the ongoing disinflation process, which began in 2023, continues to make progress and acknowledged the strong monetary policies and fiscal consolidation. He emphasized that inflation has dropped to 20.9% in July 2024, down from 54% in 2022, driven by lower food and non-food prices.
Additionally, he pointed out that month-on-month inflation is also showing a steady decline, with food inflation dropping from 24% in June to 21.5% in July.
He said these positive developments reflect the hard work and dedication of Ghanaians as we move towards economic stabilization and an improved standard of living.