Dr. Amin Adam, Ghana’s Minister of Finance, claimed that the economy is continuing to show indications of recovery following the successful completion of the debt restructuring strategy.
This comes after Ghana received IMF Board approval for the second review of the $3 billion programme, enabling for the immediate transfer of $360 million to Ghana and increasing the overall payment to $1.56 billion.
During a joint news conference with the IMF on July 1, the Finance Minister discussed encouraging economic indicators that point to a strong rebound.
According to him, the 4.7% GDP growth rate in 2024 is the greatest since the fourth quarter of 2020.
“The economy continues to show strong signs of recovery, particularly in Quarter 1 of 2024; the results were remarkable. Overall real GDP growth for Q1 2024 was 4.7%, the highest since Q1 2022.
“This growth performance is better than the 3.1% growth recorded in the same period in 2023. Industry grew the most at 6.8%, followed by agriculture at 4.1% and services at 3.3%.
“The 2024 GDP growth rate is the highest since Q4 of 2020. The growth in industry is particularly interesting; in the past, growth came largely from services and, to some extent, agriculture.
“The industry did not perform well. So, if we are beginning to see the industry performing well, it tells us that the real recovery is here.
“Manufacturing is going to grow continuously, and that will mean more jobs being created for the Ghanaian people, more wealth being created for the Ghanaian people, and therefore we have turned the corner, as we have said over and over,” he stated.
