Reported by Ngresangma Martha- 28/03/2024
Assuring the nation, Finance Minister Dr. Mohammed Amin Adam announced a promising economic outlook. Thanks to the government’s commitment to the IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG), Ghana’s macroeconomic environment remains stable, with signs of recovery shining through.
Facing tough challenges in recent years, including high inflation and unstable currency, Ghana embarked on a journey of economic reform. Now, after ten months of diligent implementation, the results are promising.
Key indicators paint a picture of progress: GDP growth for 2023 surpassed expectations at 2.9%, while inflation declined significantly. The Ghanaian cedi also showed resilience against the US dollar, marking a notable improvement. Importantly, both the current account and trade balances are improving, signaling a healthier economic landscape.
Dr. Amin highlighted achievements in monetary policy, with the Bank of Ghana lowering interest rates to stimulate growth. Moreover, fiscal discipline has led to a reduction in the debt-to-GDP ratio, instilling confidence in Ghana’s financial stability.
Looking ahead, the government is prioritizing SME development as a catalyst for sustained growth. Recognizing their significant contribution to the economy, efforts will focus on addressing key challenges such as access to finance, markets, and tax constraints.
In essence, Ghana is on the path to prosperity, with a firm commitment to leveraging its strengths and overcoming obstacles to ensure a brighter economic future for all citizens.
