Finance Minister Dr. Mohammed Amin Adam has assured Ghanaians that the New Patriotic Party (NPP) government is leaving behind a robust and resilient economy as it prepares to hand over power to the newly elected administration.
Speaking at a press briefing in Accra on December 17, 2024, Dr. Amin Adam emphasised the economic strides made under the NPP government, despite global and domestic challenges.
“We are handing over a strong economy,” he affirmed, highlighting key achievements during the administration’s tenure.
Dr. Amin Adam listed some key economic highlights:
Resilient Growth: Ghana’s economy rebounded strongly post-COVID, with a 2024 average GDP growth rate of 6.3%, surpassing the 3.4% inherited in 2016. Quarterly growth figures for 2024 reached 4.8% (Q1), 7% (Q2), and 7.2% (Q3).
Improved Reserves: Gross International Reserves rose to $8 billion (3.5 months of import cover), up from $6.2 billion in 2016.
Inflation Control: Inflation dropped to 23% in November 2024, down from a peak of 54% in December 2022.
Trade and Current Account Surpluses: Ghana recorded a $3.85 billion trade surplus and a 2.6% current account surplus in the first nine months of 2024, reversing deficits from 2016.
Debt Reduction: Public debt fell by GH¢46.8 billion between September and October 2024, bringing the debt-to-GDP ratio down from 79.2% to 74.6%, with plans to reduce it further to 55% in net present value terms.
He also highlighted private sector recovery, noting nominal credit growth of 28.7% in October 2024, compared to a 7.5% contraction in the same period in 2023.
Real credit growth to the private sector reached 5.5%, reversing a 31.6% contraction the year prior.
“These indicators show that the economy has stabilised and is on a strong recovery path,” he said.
The minister dismissed claims that Ghana is facing financial collapse as “baseless propaganda,” asserting that the nation’s economic fundamentals are stronger now than in 2016.
“Our hope is that the incoming administration will sustain these gains and continue the policies we have implemented to secure Ghana’s economic future,” he concluded.