By: Nana Antwi Boasiako
Minister of Finance, Dr. Mohammed Amin Adam, has announced that President Nana Addo Dankwa Akufo-Addo has successfully revived Ghana’s economy following the devastating impact of COVID-19.
Speaking at the Maiden edition of Boardroom Governance Summit on October 8, 2024, at Labadi Beach Hotel, Accra, Dr. Adam revealed that Ghana’s economy was severely affected by the pandemic, with inflation skyrocketing to 54% in 2022 and GDP plummeting from 7% to 0.5%.
Dr. Adam attributed Ghana’s economic downturn to the global pandemic (Covid-19), which affected most countries, causing negative GDP growth rates. However, President Akufo-Addo assured Ghanaians that he knew how to restore the economy, and true to his word, the country’s economy is now back on track.
The Minister noted that government has made significant progress in reducing inflation, from 54% in 2022 to 21% currently. The aim is to achieve a single-digit inflation rate by 2025. Dr. Adam credited President Akufo-Addo’s leadership for this progress.
He also emphasized the importance of accountability and collaboration among State-Owned Enterprises (SOEs) to maintain and improve Ghana’s economic growth. Dr. Adam urged SOEs to work closely with the government to achieve this goal, ensuring that Ghana’s economy continues to thrive.