Economic revival sparks companies’ return to Ghana – Finance Minister
Finance Minister Dr Mohammed Amin Adam says foreign companies are returning to Ghana due to the country’s economic recovery.
He noted that while some foreign companies left Ghana during tough economic times, many are returning due to the positive growth experienced in the first half of 2024.
Dr. Adam made these remarks during the second Quarterly Economic Roundtable discussion, held in Accra on October 7, focused on ‘Driving Economic Growth through Small and Medium-sized Enterprises (SMEs).’
The Ministry of Finance and the University of Ghana co-organised the event.
“We were told that some companies left Ghana when the economy went down, and it’s important to note that companies are returning to Ghana because they see that the growth trajectory is positive,” Dr Amin Adam, said.
“The latest is Virgin Atlantic (an airline company that left the country in 2013), which said only yesterday (October 6, 2024) that they’ve returned to Ghana to operate as an airline because they see economic recovery”.
“Let’s get ready for them to build strong partnerships, and use that capital, expertise and technology that they’re bringing in so that we can leverage them to support the growth of the economy,” Dr Amin Adam told Ghanaian businesses.
Citing data from the Ghana Statistical Service (GSS), he highlighted that Ghana’s economic growth for 2024 is surpassing all expectations, leading analysts and observers to revise their projections upward.
The minister pointed out that the country’s half-year Gross Domestic Product (GDP) growth of 5.8 percent is the highest in the past five years, confirming that the economy is “back on track.”
“It is fascinating to note that the growth of 4.8 percent in quarter one and 6.9 per cent in quarter two was driven largely by industry and agriculture sectors, for quarter two, all three sectors, including services, drove the growth,” he said.
“What this means is that we are back on track. It also means that our policies to support the private sector are having a significant impact. Economic actors in these sectors are receiving needed support,” the Finance Minister said.
He urged all Ghanaians to unite in support of SMEs to strengthen the progress made in fiscal consolidation, debt restructuring, and economic reforms.
Reaffirming the government’s commitment to SMEs, he stated, “You are not alone. You are a priority for both the Ghanaian society and this Government. We will not let you down.”