- Finance Minister assures Ghana's economy remains stable despite challenges.
- Government's structural reforms successfully reduce inflation and debt.
- Economy experiences growth across all sectors, exceeding expectations.
- New SME support program to provide financing and technical assistance.
Finance Minister, Dr. Mohammed Amin Adam, has assured that Ghana’s economic environment remains stable, with signs of positive growth emerging. Despite external shocks that have affected several economies, the government has implemented key structural reforms that have tamed inflation, reduced debt, and boosted investor confidence.
Ghana’s economy has faced significant challenges, including high inflation, which peaked at 54.1% in 2022, unstable currency, high interest rates, slow economic growth, and unsustainable public debt. These challenges have caused hardships and led to foreign companies withdrawing their services from the country.
However, with the program with the International Monetary Fund (IMF), the economy has seen growth in all sectors, Dr. Amin Adam said at a town hall meeting in Accra. The Finance Minister emphasized that the government’s efforts to restore the economy are paying off, with growth proving more resilient than initially expected.
He noted that the economy is at a pivotal juncture and requires collective effort to ensure sustainable growth and prosperity for all. Dr. Amin Adam highlighted the importance of transparency, inclusivity, and shared responsibility in shaping economic policies.
The government aims to create a viable SME ecosystem, with the launch of the SME Growth and Opportunity Programme, which will provide technical capacity and financing support to high-growth potential businesses. The program will channel close to GHS 1.4 billion through the financial sector for onward lending to viable SMEs, with development partners such as the IFC providing additional support.
