GHANA: GDP IS EXPECTED TO EXCEED 1 TRILLION CEDIS.

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The minister of finance, Ken Ofori Atta, presented the 2024 budget on Wednesday, November 15, in parliament.

He said Ghana’s ‘GDP ‘under the Akuffo Addo administration will exceed one trillion cedi in 2024.

He stated that the increase in gross domestic product [GDP] of 1 trillion cedis is a testament to their good government considering its 219.5 billion cedis in 2016.

‘’The 2024 budget is  more significant because we cross the one trillion gross domestic product mark for the first time in our economy”

‘’Let me repeat, Ghana’s economy under President Akuffo Addo in his 2024 final year of office is projected to be valued at over one trillion cedi in 2024 from the GH₵219.5 billion in 2016’’

He said that the government is now focused on maintaining the growth that the economy is witnessing currently. He again said the government is determined to ensure the stability of local currency and disinflation over the medium term.

‘’Our task now is to maintain stability and keep on growing. We are determined to remain on course of increased growth, currency stability, and disinflation over the medium term ‘’.

I am confident that this victory budget will ensure that we boldly walk on a sustainable path towards creating decent jobs and wealth for our people ‘’.

He added that the government had turned the corner relative to the economic challenges when it successfully completed the first review of the $3 billion international monetary fund external credit facility [IMF EEF] program.

‘’We turned the corner when we completed the IMF’s first review, he told parliament while presenting the 2024 budget statement on Wednesday.

He further assured that the government is positive to ‘’ maintain stability and keep growing and to ensure increased growth and currency stability.’’

We turned the corner when inflation started declining from 54.1 percent in December to 35.2 percent in October 2023, he added.

He further stated that the prompt deployment of strong fiscal and monetary policy measures since last year, as well as in the first half of 2023, largely account for the continued economic recovery that is being experienced.

‘’ So far, growth in 2023 has been more resilient than expected; inflation has declined in line with the fundamentals; the fiscal and external balances have improved; and the exchange rate has stabilized, he said.’’

News reporter; Jessica Okai [ gitfic]