Ghana’s economy will surprise the world this year – Finance Minister

Finance Minister, Dr. Mohammed Amin Adam, says the country’s economy is undergoing a robust rebound after enduring significant challenges since 2022.

He said all key indicators were trending positively and expected to improve further.

Dr Amin Adam emphasized that international institutions like the International Monetary Fund(IMF) and the World Bank are astonished by Ghana’s economic recovery.

“This year our economy is going to surprise the whole world. I can tell you that this economy is rebounding strongly. We are rebounding strongly, and it is surprising the world even the IMF, the World Bank,” he stated.

“They are all surprised. Last year, they projected our economy will grow at 1.5%, we grew at 2.9%. This year in the first quarter of this year, they projected we will grow at 3.1% we grew at 4.7%.”

“This economy will grow, and it will grow faster than everybody thinks,” he expressed confidently.

The Minister was speaking at a UK Town Hall meeting on June 22.

Consequently, Fitch Solutions has revised Ghana’s real Gross Domestic Product (GDP) growth for 2024 to 4.3%, from the previous 3.8%.

The London-based firm is also forecasting an expansion of the Ghanaian economy by 4.5% in 2025.

It attributes its revision of Ghana’s growth rate to stronger, than anticipated increase in economic activities for the next two quarters of 2024.

“We believe that economic growth over the coming quarters will remain markedly stronger compared to the last two years.”

“While inflation remained sticky in Q1 [quarter one] 2024, averaging 24.2%, we expect that it will trend downward and reach 19.5% by the end of the year, primarily facilitated by statistical base effects. Slowing inflation, combined with stronger government spending ahead of the December general elections, will support consumer activity and boost domestic demand,” it added.