Ghana’s Finance Minister, Dr. Amin Adam, has highlighted the nation’s significant economic recovery, attributing it to the successful implementation of a debt restructuring program and recent International Monetary Fund (IMF) disbursements.
Following the IMF Board’s approval of the second review of a $3 billion program, Ghana has received $360 million, totaling $1.56 billion disbursed.
Dr. Adam outlined these developments at a joint press conference with the IMF, emphasizing Ghana’s impressive GDP growth rate of 4.7% in 2024, the highest since Q4 of 2020. He noted that the industrial sector led growth at 6.8%, with agriculture at 4.1% and services at 3.3%.
“The economy continues to show strong signs of recovery, particularly in Quarter 1 of 2024,” Dr. Adam stated.
“Overall real GDP growth for Q1 2024 was 4.7%, the highest since Q1 2022. This growth, especially in industry, signals a promising turnaround with potential for job creation and economic prosperity.”
He emphasized the impact on manufacturing, saying, “The industry’s growth is particularly noteworthy as it indicates sustained economic improvement, creating more jobs and wealth for Ghanaians. This marks a significant milestone in our economic trajectory.”
