Finance Minister Dr Mohammed Amin Adam says that the government has maintained fiscal discipline despite the pressures of the upcoming December 7 polls.
According to him, the government has kept spending under control, avoiding budget deficits in 2024, even amidst massive infrastructure projects being carried out across the country.
Briefing the media on the Monthly Update of the Ghanaian Economy, Dr Amin Adam highlighted that the nominal size of the economy has risen to $76 billion, with expectations of further growth by year-end.
This represents a $20 billion increase from $56 billion in 2016.
“In an election year, we have maintained fiscal discipline while executing massive infrastructure projects across the country, as evidenced by recent commissions by the President. Additionally, we completed both domestic and external debt restructuring in record time and secured a $3 billion IMF-supported program. Within 18 months, we successfully passed three consecutive IMF reviews, with the third approved just yesterday,” he said.
Dr Amin Adam also reported strong external sector performance, with improved Gross International Reserves and a focus on fiscal consolidation.
Despite these efforts, he emphasized that the government is committed to implementing long-term policies aimed at sustaining the recovery
“Our stability measures and fiscal discipline have gone hand in hand with programs aimed at improving social welfare, ensuring that growth benefits all segments of society,” he emphasized.
The Finance Minister’s remarks underscore the government’s focus on achieving economic resilience while balancing infrastructure development and social protection.