Ghana’s Economy Expands by $20 Billion Under President Akufo-Addo, Says Finance Minister Amin Adam
Ghana’s Finance Minister, Dr. Mohammed Amin Adam, announced that the nation’s economy has grown by $20 billion during the tenure of the Akufo-Addo/Bawumia administration, reaching $76 billion by the end of 2023. This marks a significant increase from the $56 billion recorded in 2016 under the previous administration.
Speaking at the Greater Accra Regional Town Hall meeting, Dr. Amin Adam highlighted the economic resilience demonstrated by the current government in the face of global challenges such as the COVID-19 pandemic and the Russia-Ukraine conflict. He attributed the economic growth to a series of stringent economic measures and reforms implemented by the administration.
Navigating Global Economic Turmoil
Dr. Amin Adam underscored the importance of the Domestic Debt Exchange Programme (DDP), which achieved a 95% participation rate among local bondholders. This initiative, alongside successful negotiations with external creditors, resulted in $2.8 billion in debt service relief. Ghana has also secured a grace period until 2026 for debt repayment at reduced interest rates.
He contrasted the current administration’s economic performance with that of the previous Mahama-led government, highlighting a shift from a $1.8 billion trade deficit in 2016 to a $3.4 billion trade surplus in 2023.
Showcasing Development Initiatives
The town hall meeting, organized by the Ministry of Information in conjunction with the Regional Coordinating Council, provided a platform for various District, Municipal, and Metropolitan Assemblies (MMDAs) to exhibit infrastructure projects undertaken since 2017. The event also facilitated direct engagement between government officials and the public, allowing for questions and clarifications on various initiatives.
Inflation and Export Growth
Dr. Amin Adam reported a dramatic reduction in inflation, from 54% in 2022 to 22% as of June 2024. He forecasted further decreases to 15% by the end of the year and potentially to single digits by 2025, should the administration continue in power. The Minister attributed the previous surge in inflation to global economic disruptions rather than domestic mismanagement.
He also highlighted the success of the ‘One District, One Factory’ initiative, which has resulted in 169 operational factories and a boost in exports.
Public Engagement and Policy Feedback
Ms. Fatimatu Abubakar, the Minister of Information, emphasized the government’s commitment to transparency and accountability through a series of nationwide town hall meetings. These sessions, which will continue across all 16 regions until November, aim to provide a forum for public inquiries and feedback, which will be instrumental in shaping future government policies and programs.
The economic policies and reforms undertaken by the Akufo-Addo/Bawumia administration have positioned Ghana on a path of robust growth, despite facing significant global economic challenges.
