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Saturday, May 25, 2024

Ghana’s economy on path to stability

Dr Mohammed Amin Adam, the Minister of Finance, has stated that Ghana’s economy is heading towards stabilisation.

He attributes this to the country’s robust economic progress and strong recovery.

He made these remarks at a press conference following the Spring Meetings in Washington on Sunday, April 21, 2024.

The Minister pointed out that the primary deficit was 4.3% of the Gross Domestic Product (GDP) at the end of 2022.

He highlighted that by the end of 2023, the primary deficit had shrunk to a mere 0.3%, representing a four-percentage point decrease.

He anticipates a surplus of 0.5% of GDP by the end of this year, and 1.5% of GDP by next year.

“For example, the primary deficit by the end of 2022 was 4.3% of GDP. By the end of 2023, the primary deficit had reduced to just 0.3% which is about 4 percentage point decline in the primary deficit. We are expecting to end this year with a surplus of 0.5% of GDP and then next year to 1.5% of GDP.”

“And so Progress is good, recovery is strong, and we are heading very quickly to stabilisation which is what we need to generate growth,” he stated.

 


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