The Finance Minister of Ghana, Dr. Mohammed Amin Adam, has announced that the measures implemented to boost the economy are beginning to yield positive results. Despite the global challenges faced over the past two years, the Minister acknowledged that Ghana has not been exempt from these difficulties.
During the presentation of the midyear budget review to parliament, Dr. Mohammed Amin Adam highlighted the government’s efforts to achieve fiscal consolidation, economic stability, and growth. He expressed satisfaction that these policies are producing the expected outcomes.
The Minister also mentioned that the country’s economic growth has exceeded expectations, with a 4.7 percent growth rate reported in the first quarter of 2024, surpassing the revised target of 3.1 percent. Additionally, inflation has been on a downward trend, with the end-June inflation rate at 22.8 percent, a significant decrease from December 2022.
Dr. Mohammed Amin Adam emphasized that Ghana is on the right track, with the exchange rate stabilizing and gross international reserves increasing to 3.1 months of imports as of June 2024. He reassured the public that the government will continue to make sound policy choices to sustain the economic recovery.
Overall, the Minister’s report indicates a positive outlook for Ghana’s economy, with key indicators showing improvement and resilience in the face of economic challenges. The government’s commitment to making the right decisions and implementing effective policies is expected to drive further progress in the coming months.
