Ghana’s economy grows by $20 billion under Akufo-Addo’s government – Finance Minister

The Minister of Finance, Dr Mohammed Amin Adam, says the Ghanaian economy has grown by $20 billion under the Akufo-Addo/Bawumia Administration as of December 2023.

He explained that in 2013, under Mahama’s administration, the size of the economy was pegged at $64 billion, however, it was reduced to $56 billion in 2016.

He stated that as of 2023 the size of the Ghanaian economy had increased to $76 billion “so in nominal terms the economy has grown by $20 billion under Akufo-Addo’s government”.

Dr Amin Adam announced this during the Greater Accra Regional Town Hall meeting in Accra on Tuesday.

He said the Government had taken tough economic decisions amid the global economic crises occasioned by the COVID-19 pandemic and the Russia-Ukraine war.

Those decisions, he said, were yielding positive results with the economy now “turning the corner”.

Dr Amin Adam cited the Domestic Debt Exchange Programme (DDP), which saw 95 per cent participation by local bond-holders while the Government also negotiated with its external bilateral creditors and achieved $2.8 billion debt service relief.

Therefore, Ghana has been given a grace period of up to 2026 to pay her debt with a cheaper interest rate.

The Minister said, for instance, that the Akufo-Addo/Bawumia Administration recorded a $3.4 billion trade surplus in 2023, as against the $1.8 billion trade deficit recorded under the Mahama-led Government in 2016.

The event was organised by the Ministry of Information, in collaboration with the Regional Coordinating Council, to showcase the Government’s infrastructural projects and social interventions in the Region.

It afforded all the 29 District, Municipal and Metropolitan Assemblies (MMDAs) the opportunity to exhibit some key infrastructural projects implemented from 2017 to date.

Journalists and the public were allowed to also ask questions and seek clarifications from duty-bearers.

On inflation, Dr Amin Adam said the government’s resilient policies and programmes had witnessed a drastic reduction in inflation from 54 per cent in 2022 to 22 per cent as of June this year.

“By the end of this year, the inflation will come down to 15 per cent and hopefully, if we are given the mandate in the December 7 Election, we will bring it down to a single digit by 2025,” Dr Amin Adam assured.

He attributed the surge in inflation to the global economic meltdown due to the Russia-Ukraine conflict and the COVID-19 pandemic and not because of economic mismanagement.

The Minister added that the country’s exports had increased as a result of the ‘One District, One Factory’ initiative with 169 factories currently operational.

The Minister of Information, Ms Fatimatu Abubakar, in her welcome remarks, said the town hall meetings would be organised across the country in all the 16 regions till November, this year.

She said the event would enable regional ministers, chief executive officers of the various assemblies and sector ministers to answer questions from the public on their stewardship.

She said the feedback from the interactions would assist in shaping the government’s future policies and programmes.