Dr. Amin Adam, Ghana’s Minister of Finance, highlighted the ongoing recovery of Ghana’s economy following the successful execution of a debt restructuring program. This announcement follows the International Monetary Fund (IMF) Board’s approval of the second review of Ghana’s $3 billion program, which enables the immediate disbursement of $360 million to Ghana, bringing total disbursements to $1.56 billion.
At a joint press conference with the IMF on July 1, Dr. Amin Adam shared encouraging economic indicators signaling a robust recovery. He noted that Ghana’s GDP growth rate for 2024 reached 4.7%, marking the highest growth since Q4 of 2020.
“The economy continues to exhibit strong signs of recovery, particularly in Q1 2024, where the results were notably positive. The overall real GDP growth for Q1 2024 stood at 4.7%, surpassing the 3.1% growth recorded in the same period in 2023. Industry experienced the most significant growth at 6.8%, followed by agriculture at 4.1% and services at 3.3%,” Dr. Adam stated.
He emphasized the significance of the industrial sector’s resurgence, highlighting its pivotal role in the recovery process. “Historically, growth was primarily driven by services and agriculture, while industry lagged behind. The current resurgence in industry indicates a substantial turnaround in our economic trajectory,” Dr. Adam explained.
Dr. Adam further expressed optimism about the continuous growth in manufacturing, foreseeing it as a catalyst for job creation and wealth generation for the Ghanaian populace. “This signifies a pivotal moment for Ghana’s economic recovery, with manufacturing poised for sustained growth, which will lead to more opportunities and prosperity for our people,” he concluded.