Dr. Mohammed Amin Adam<\/strong><\/p>\n\u00a0<\/p>\n
Finance Minister Dr. Mohammed Amin Adam has expressed confidence in the economy that the New Patriotic Party (NPP) government is leaving behind as it prepares to transition to the newly elected John Dramani Mahama administration.<\/p>\n
In a press briefing in Accra yesterday, Dr. Amin Adam, emphasised that Ghana\u2019s current economic state demonstrates significant recovery and resilience despite facing global and domestic challenges in recent years.<\/p>\n
\u201cWe are handing over a strong economy,\u201d Dr. Amin Adam asserted. \u201cThe first four years of this administration were marked by impressive performance, including the longest period of single-digit inflation, an average GDP growth rate of 7%, and robust external balances. Although we encountered challenges between 2021 and 2022, the economy has rebounded strongly and more quickly than many anticipated.\u201d<\/p>\n
Dr. Amin Adam highlighted several key achievements, including Ghana\u2019s Gross International Reserves, which currently stand at $8 billion\u2014equivalent to 3.5 months of import cover.<\/p>\n
He noted that this figure exceeds the $6.2 billion in reserves handed over by the NDC in 2016, adding that the economy\u2019s growth trajectory has returned to pre-COVID levels.<\/p>\n
\u201cThe growth rates for 2024\u20144.8% in the first quarter, 7% in the second, and 7.2% in the third\u2014reflect an average of 6.3%. This is significantly higher than the 3.4% average growth rate we inherited in 2016,\u201d he explained.<\/p>\n
He also pointed to private sector credit growth as a sign of recovery, with nominal growth reaching 28.7% in October 2024, a sharp turnaround from the contraction of 7.5% recorded during the same period in 2023.<\/p>\n
\u201cIn real terms, private sector credit grew by 5.5% in October this year, compared to a contraction of 31.6% last year,\u201d Dr. Amin Adam noted.<\/p>\n
On the external front, the Finance Minister reported a trade balance surplus of $3.85 billion and a current account surplus of 2.6% of GDP for the first nine months of 2024.<\/p>\n
\u201cThese are significant improvements compared to the deficits we experienced in 2016, including a trade balance deficit of $1.8 billion and a current account deficit of 6.6% of GDP,\u201d he stated.<\/p>\n
Addressing concerns about inflation, Dr. Amin Adam acknowledged that headline inflation had decreased to 23% in November 2024 from a peak of 54% in December 2022.<\/p>\n
\u201cWhile inflation remains high, the measures we implemented have significantly stabilised prices and alleviated some of the hardships faced by Ghanaians,\u201d he assured.<\/p>\n
Regarding Ghana\u2019s debt levels, Dr. Amin Adam reported progress in reducing the public debt stock.<\/p>\n
\u201cThe total public debt decreased by GH\u00a246.8 billion, from GH\u00a2807.79 billion in September 2024 to GH\u00a2761.01 billion in October 2024. This reduction brought the debt-to-GDP ratio down from 79.2% to 74.6%, and we are on track to lower it further to 55% in net present value terms, ensuring long-term debt sustainability,\u201d he explained.<\/p>\n
Dr. Amin Adam dismissed claims that the country is broke, labeling them as \u201cpropaganda.\u201d<\/p>\n
He maintained that Ghana\u2019s economic fundamentals are stronger now than when the NPP took office in 2016. \u201cWe hope the incoming government will continue with the policies we have implemented to sustain this recovery and ensure that Ghana meets its debt sustainability targets,\u201d he concluded.<\/p>\n
A Business Desk Report<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Dr. Mohammed Amin Adam \u00a0 Finance Minister Dr. Mohammed Amin Adam has expressed confidence in the economy that the New Patriotic Party (NPP) government is leaving behind as it prepares to transition to the newly elected John Dramani Mahama administration. In a press briefing in Accra yesterday, Dr. Amin Adam, emphasised that Ghana\u2019s current economic […]<\/p>\n","protected":false},"author":1,"featured_media":267400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-267399","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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