Ghana’s economic policies, introduced by the Akufo-Addo administration, aim to foster resilience and create opportunities for businesses and individuals, according to Deputy Finance Minister Dr. Alex Ampaabeng.
Speaking at the Eastern Regional Town Hall Meeting and Exhibition, he emphasized the government’s commitment to sustainable economic development through prudent fiscal management and structural reforms.
Finance Minister Dr. Mohammed Amin Adam expressed optimism about Ghana’s medium-term economic outlook, citing projected improvements in GDP growth, inflation control, and fiscal health.
He attributed these projections to the government’s sound economic policies and initiatives, which have maintained macroeconomic stability despite challenging global and domestic conditions.
Ghana’s economy showed resilience in the first quarter of 2024, expanding by 4.7% compared to 3.1% in the same period in 2023.
Dr. Adam reaffirmed the government’s commitment to fiscal discipline and sustainable growth, acknowledging risks such as the dry weather conditions affecting agricultural production.
To mitigate these risks, the government has implemented measures like a temporary ban on grain exports, drought relief support, and input support for affected farmers.
The Agriculture Minister, Dr. Brain Acheampong, emphasized the need for emergency support to address the short-term gap created by the dry spell.
Dr. Adam reported a relative stabilization of the cedi against major trading currencies, attributed to tight monetary policy, the gold-for-oil program, and foreign exchange stability measures.
He also provided updates on Ghana’s debt restructuring efforts, noting progress towards achieving debt targets under the IMF program.
The government aims to reduce Ghana’s debt-to-GDP ratio to 55% by 2028 through debt exchange, which will save US$4.4 billion in debt service and cancel US$4.7 billion over the course of the IMF program.
Dr. Adam concluded by reiterating the government’s dedication to social protection, structural reforms, and prudent public finance management for sustainable development.
