{"id":202482,"date":"2024-07-23T16:14:13","date_gmt":"2024-07-23T16:14:13","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/07\/23\/international-reserves-increase-to-3-1-months-of-import-cover\/"},"modified":"2024-07-23T16:14:13","modified_gmt":"2024-07-23T16:14:13","slug":"international-reserves-increase-to-3-1-months-of-import-cover","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/07\/23\/international-reserves-increase-to-3-1-months-of-import-cover\/","title":{"rendered":"International reserves increase to 3.1 months of import cover \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>The Minister for Finance, Dr. Mohammed Amin Adam says Ghana\u2019s economy is showing promising signs of recovery and growth.<\/strong><\/p>\n<p>The Minister addressed Parliament on Tuesday, July 23, 2024 emphasizing key achievements and outlining government\u2019s plans for the remainder of the year.<\/p>\n<p>Dr. Adam began his address by acknowledging the global economic challenges but expressed confidence in Ghana\u2019s economic trajectory. One of the most notable achievements mentioned in the review is the increase in international reserves. The Minister announced that Ghana\u2019s international reserves have improved significantly, now standing at 3.1 months of import cover. This marks a substantial recovery and provides a stronger buffer against external shocks.<\/p>\n<p>\u201cGross International Reserves reached 3.1 months of import as at end June 2024 against 2.5 months of imports in the same period last year.<\/p>\n<p>\u201cMr. Speaker, it is evident that we are on the right trajectory. Things are looking better than we anticipated. The choices we have made and the policies we are implementing are yielding results. We have reversed the negative trends, all the indicators are looking better,\u201d he said.<\/p>\n<p>The Minister attributed this achievement to effective fiscal management and strategic negotiations with international partners. Successful negotiations with the International Monetary Fund (IMF) have resulted in crucial support, including a $600 million tranche from the IMF and a $2.8 billion debt relief from the Paris Club and other creditors. This support has not only bolstered reserves but also contributed to stabilizing the economy.<\/p>\n<p>Inflation, a key concern for many Ghanaians, has seen a notable decline. Inflation has dropped by 31 percentage points since 2022, and the government is committed to maintaining this downward trend. This improvement in inflation rates, coupled with a stabilization of the exchange rate, is expected to ease the cost of living for citizens.<\/p>\n<p>Dr. Adam also highlighted the government\u2019s significant investments in social programs and infrastructure. Over GH\u00a25.4 billion has been disbursed for various social programs, including LEAP, the School Feeding Programme, and the NHIS. Additionally, nearly GH\u00a210 billion has been invested in the road sector since January 2024.<\/p>\n<p>Education remains a priority for government, with substantial funding allocated to the Free SHS programme. In the first half of 2024, GH\u00a21.5 billion was invested in the Free SHS programme, ensuring that the youth have access to quality education. This investment is part of the broader strategy to build a skilled and educated workforce for the future.<\/p>\n<p>The Finance Minister did not shy away from discussing the challenges and risks ahead. He cautioned that while significant progress has been made, the country must remain vigilant. Key economic risks, including fluctuating commodity prices and global economic uncertainties, could impact Ghana\u2019s growth trajectory. Nevertheless, he expressed optimism that with continued fiscal discipline and strategic planning, Ghana would navigate these challenges effectively.<\/p>\n<p>starrfm.com <\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Minister for Finance, Dr. Mohammed Amin Adam says Ghana\u2019s economy is showing promising signs of recovery and growth. The Minister addressed Parliament on Tuesday, July 23, 2024 emphasizing key achievements and outlining government\u2019s plans for the remainder of the year. Dr. Adam began his address by acknowledging the global economic challenges but expressed confidence [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":202483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-202482","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>International reserves increase to 3.1 months of import cover \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/07\/23\/international-reserves-increase-to-3-1-months-of-import-cover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"International reserves increase to 3.1 months of import cover \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Minister for Finance, Dr. Mohammed Amin Adam says Ghana\u2019s economy is showing promising signs of recovery and growth. 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