Finance Minister Dr. Mohammed Amin Adam has highlighted Ghana’s ongoing economic recovery following the successful implementation of the debt restructuring program.
This follows the approval by the IMF Board of the second review of the $3 billion program, leading to an immediate disbursement of $360 million and totaling $1.56 billion disbursed so far.
During a joint press conference with the IMF on July 1, the Finance Minister pointed out positive economic indicators indicating a strong recovery.
He noted that Ghana’s GDP growth rate for 2024 is projected at 4.7%, the highest since Q4 of 2020.
“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 said.
