Finance Minister Dr. Mohammed Amin Adam has declared a significant rebound in Ghana’s economy, attributing it to strengthened fundamentals.
Speaking during the Monthly Update of the Ghanaian Economy press briefing, he announced that the nominal size of the economy has grown to $76 billion, with projections indicating further growth by the end of the year. This milestone reflects the government’s concerted efforts to stabilize the economy and lay the groundwork for sustained development.
Dr. Amin Adam highlighted that inflation, which has been a pressing concern, is now on a downward trend. This progress, he explained, showcases the impact of strategic policies aimed at curbing price hikes and restoring economic stability. He also noted that the recovery of the cedi against major foreign currencies has contributed significantly to reducing inflationary pressures on both businesses and consumers.
The recovery of the cedi, which had faced a turbulent period, is a notable achievement, according to the Finance Minister. The currency’s stabilization is restoring investor confidence and enhancing the country’s ability to attract foreign capital. Dr. Amin Adam emphasized that the government’s fiscal discipline and effective monetary policies were central to this recovery.
Social welfare programs have remained a priority even amid the economic recovery efforts. Dr. Amin Adam stressed that the government has continued to implement initiatives aimed at protecting vulnerable groups in society. These programs, he said, demonstrate the administration’s commitment to ensuring that economic gains translate into improved living standards for all citizens.
Looking to the future, the Finance Minister expressed optimism about sustaining the growth momentum. He underscored that ongoing reforms and investment-driven strategies would further enhance the economy’s resilience and productivity. With Ghana’s nominal economy expected to surpass $76 billion by year-end, Dr. Amin Adam reaffirmed the government’s focus on creating a robust and inclusive economic environment.
