By: Ama Gyamfuah
Finance Minister Dr. Mohammed Amin Adam, has highlighted that it is not a mistake when anyone says the country’s economy has recovered because it has shown remarkable progress.
According to him, the economy has demonstrated resilience and robust growth, surpassing initial projections.
He made this statement during the government’s maiden Regional Townhall meeting and exhibition program organized under the auspices of the Ministry of Information, Ministry of Finance and the Greater Accra Coordinating Council.
“In the first quarter of 2024, the economy has grown at 4.7% and if the trajectory continues the way we’re seeing we should be able to grow above how we grew last year”.
Fitch, one of the British agencies has already predicted that the economy will grow this year at 4.3% and so when we say the economy has recovered and growth is coming around it is not by accident it is not someone’s beliefs because data does not lie” he said.
He mentioned that “all this has been possible as a result of the effort we have all together made as Ghanaians into the management of this economy”.
“Specifically, the real GDP growth for the first quarter of 2024 was 4.7%, the highest since the first quarter of 2022. This positive performance was driven by significant improvements in the industrial sector (6.8%), agriculture (4.1%), and services (3.3%)” he added.
Dr. Adam also said that, inflation had decreased significantly from 54% in 2022 to 25% and was expected to drop further to 15% by the end of the year.
He credited this improvement to pragmatic policies and stakeholder engagements aimed at easing the cost of doing business.
“We will bring inflation to a single digit” the finance minister assured.