- Finance Minister Dr Mohammed Amin Adam says Ghana’s economy has grown by $20 billion under Akufo-Addo
- The minister said that by 2023 the size of Ghana’s economy had grown to $76 billion
- An applied economist, noted to YEN.com.gh that the minister’s remarks highlighted Ghana’s foreign exchange challenges
Finance Minister Dr Mohammed Amin Adam says Ghana’s economy has grown by $20 billion since 2017 under the Akufo-Addo administration by December 2023.
According to him, the size of the economy was pegged at $64 billion in 2013. However, it declined to $56 billion in 2016.
The GNA reported that Adam said that, by 2023, the size of Ghana’s economy had grown to $76 billion at the Greater Accra Regional Town Hall meeting in Accra on Tuesday, August 7, 2024.
The finance minister predicts that Ghana will end 2024 with an inflation rate of 15%.
“So in nominal terms, the economy has grown by $20 billion under the Akufo-Addo government.”
He also recognized tough financial decisions in the midst of financial crises that produced positive results.
Alfred Appiah, an applied economist, noted YEN.com.gh that the minister’s remarks highlighted Ghana’s foreign exchange challenges in recent years.
“Interestingly, in CEDI terms, the economy during the period the minister is citing grew by 283 percent. But in dollar terms, it only grew by 36 percent.”
“This highlights how much worse the CEDI has become over time, from the 3.92 USD to CEDI rate used for 2016 GDP to 11.02 for 2023.”
Economic struggle and return to the IMF
The Akufo-Addo administration has overseen Ghana’s worst economic crisis since the 1980s.
This prompted Ghana’s 17th trip to the IMF for a bailout. In May 2023, Ghana secured a $3 billion bailout from the fund after defaulting on most of its $30 billion external debt in 2022.
‘We are in the worst economic crisis’: Mahama says Ghana’s economy needs a big reset
Ghana has already received $1.56 billion, with another $360 million due by December.
According to Adam’s comments, the IMF said recent report that Ghana’s economic reform program is achieving its goals.
Kennedy Agyapong urges NPP to apologize for hardships
YEN.com.gh reported that Kennedy Agyapong asked the New Patriotic Party for unity and humility ahead of the elections
Agyapong argued that such humility is needed to help the ruling party garner votes in the elections
He spoke at the launch of the NPP Abblekuma South Constituency election campaign.
Source: YEN.com.gh