Finance Minister, Dr. Amin Adam has announced that the country's economy is putting up impressive signs of recovery after a period of economic challenges compounded by global inflationary pressures and the COVID-19 pandemic. Speaking at a press briefing in Accra, the Minister underlined key pointers that indicate a strong rebound of the economy, with growth projections surpassing expectations in the coming year.
The Finance Minister projects that the country's GDP will grow at an upwardly revised 4.5% in 2024, while the prior projection was less. This relatively positive trend is supported by high commodity prices, increased agriculture, and recovery in sectors such as services and industry. There is also emphasis on increasing national production and attracting foreign investments to provide more employment and economic activities.
Ghana's economy is gradually bouncing back from the downturn of the past few years. We have put in place some major policy measures, and they are beginning to pay off," said the Finance Minister. "We are witnessing a decline in inflation, export growth, and strengthening of our currency. The fundamentals are getting better, and we think that we are on course.
The Finance Minister also pointed to the government's attempts at stabilizing the financial sector, including restructuring debt and gaining support from international partners such as the International Monetary Fund. He said the fiscal deficit of the country has declined, and foreign reserves have gone up, thus bringing more stability in the economy.
He was, however, quick to admit that despite the positive outlook, the economy was still battling some challenges, including global economic uncertainties and increases in fuel prices, which keep having effects on the cost of living of most Ghanaians. He said the government is committed to mitigating these challenges through targeted policies, including subsidies and support for vulnerable populations.
We are not yet out of the woods, but clear signals of recovery are manifest. Inclusive growth remains our primary focus to ensure that indeed, all Ghanaians are beneficiaries in this economic recovery process," he said.
These comments by the Finance Minister come as optimism increases over Ghana's economic future, with analysts forecasting medium- to long-term continued growth. As the country progresses, so does its commitment to pursuing reforms that will help keep its economic recovery on course.
blogpay
Total Comments: 0