- Ghana's economy strong, says Finance Minister
- GDP growth rate averages 6.3% in 2024
- Public debt decreases by GH¢46.8 billion
Finance Minister Dr. Mohammed Amin Adam has reaffirmed that the New Patriotic Party (NPP) government is handing over a strong and resilient economy to the newly elected administration.
Speaking at a press briefing in Accra, Dr. Amin Adam highlighted the significant economic gains made under the NPP administration, despite facing substantial global and domestic challenges in recent years. “We are handing over a strong economy,” he stated, citing impressive achievements during the first four years of the administration, including the longest period of single-digit inflation, an average GDP growth rate of 7%, and strong external balances.
The Finance Minister pointed to Ghana’s Gross International Reserves, now at $8 billion, as evidence of progress. This figure represents a significant improvement from the $6.2 billion reserves inherited from the National Democratic Congress (NDC) in 2016.
Dr. Amin Adam also emphasized Ghana’s growth rates in 2024, which he described as a return to pre-COVID levels. “Growth rates of 4.8% in the first quarter, 7% in the second, and 7.2% in the third give us an average growth rate of 6.3%. This is far above the 3.4% average growth rate we inherited in 2016,” he said.
Additionally, the Finance Minister highlighted private sector credit growth as another indicator of recovery, with nominal growth reaching 28.7% in October 2024. He also noted Ghana’s trade surplus of $3.85 billion and a current account surplus of 2.6% of GDP for the first nine months of 2024, which are stark improvements from the deficits recorded in 2016.
Inflation, which had fallen to 23% in November 2024 from a high of 54% in December 2022, remains a critical measure. “While inflation remains elevated, the policies we implemented have stabilized prices and eased hardships for Ghanaians,” Dr. Amin Adam stated.
Addressing concerns about Ghana’s debt levels, the Finance Minister outlined steps taken to reduce the public debt stock. The total public debt decreased by GH¢46.8 billion from GH¢807.79 billion in September 2024 to GH¢761.01 billion in October 2024, bringing the debt-to-GDP ratio down from 79.2% to 74.6%.
Dr. Amin Adam dismissed allegations that the country is broke, describing such claims as “propaganda.” He stressed that Ghana’s economic fundamentals are far stronger now than when the NPP assumed office in 2016. “Our hope is that the incoming administration will continue with the policies we have put in place to sustain this recovery and meet Ghana’s debt sustainability targets,” he concluded.
