Ghana's ailing economy will surprise the world this year — Finance Minister

Ghana's Finance Minister, Dr Mohammed Amin Adam, has delivered an optimistic assessment of the nation's economic trajectory, asserting that the country's ailing economy is not only rebounding but poised to surprise the world with its robust recovery.

His statement comes at a critical juncture, as Ghana navigates through a complex landscape of global economic uncertainties and domestic challenges.

He said the economy is experiencing a robust rebound after facing significant challenges in the past two years.

This year our economy is going to surprise the whole world, Dr Adam said at a UK Town Hall meeting over the weekend.

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. 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 noted.

Amin Adam also stated that under the leadership of President Nana Addo Dankwa Akufo-Addo, the government has implemented a series of bold economic reforms and stimulus measures aimed at stabilising the economy.

These measures he said included fiscal consolidation, debt restructuring which has been ended, and initiatives to diversify the economy and reduce dependency on volatile commodity markets.

Ghana's GDP growth has shown a significant uptick, with projections suggesting a return to pre-pandemic growth levels.

Key sectors such as agriculture, services, and industry are witnessing renewed vigour, bolstered by both public and private sector investments.

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