The Minister of Finance, Dr. Mohammed Amin Adam, has announced that Ghana’s economy is showing consistent signs of recovery following the successful implementation of the debt restructuring programme.
This development comes after the IMF Board approved the second review of the $3 billion programme, which has facilitated the immediate release of $360 million to Ghana, bringing total disbursements to $1.56 billion.
During a joint press conference with the IMF today, July 1 2024, Dr Adam highlighted several promising economic indicators that suggest a robust recovery.
“Growth, as we’ve heard from the previous two distinguished speakers, is proving to be more resilient and robust than initially programmed,” he said.
He noted that the projected GDP growth rate of 4.7% for 2024 is the highest since the fourth quarter of 2020.
“….The economy continues to show strong signs of recovery, particularly in Quarter 1 of 2024; the results were remarkable. Overall real GDP growth for Q1 2024 was 4.7%, the highest since Q1 2022.”
“This growth performance is better than the 3.1% growth recorded in the same period in 2023. Industry grew the most at 6.8%, followed by agriculture at 4.1% and services at 3.3%.”
“The 2024 GDP growth rate is the highest since Q4 of 2020. The growth in industry is particularly interesting; in the past, growth came largely from services and, to some extent, agriculture.”
“The industry did not perform well. So, if we are beginning to see the industry performing well, it tells us that the real recovery is here.”
“Manufacturing is going to grow continuously, and that will mean more jobs being created for the Ghanaian people, more wealth being created for the Ghanaian people, and therefore we have turned the corner, as we have said over and over,” he stated.
By: Ekow Annan/newsalertgh.com
