Mid-year budget: Ghana's economy rebounding stronger than anticipated — Finance Minister

Finance Minister Dr. Mohammed Amin Adam has stated that Ghana's economy is rebounding stronger than originally projected.

Presenting the Mid-Year Budget Review to Parliament on Tuesday, July 23, Dr. Amin Adam noted that key economic indicators show the economy is recovering faster than anticipated.

"Growth continues to exceed our expectations. The 4.7 percent growth rate reported by the Ghana Statistical Service for the first quarter 2024 exceeds the revised target of 3.1 percent," the Finance Minister stated.

He added "Inflation is declining. End-June inflation rate of 22.8 percent, a reduction of 31 percentage points since December, 2022, confirms the target threshold of +/-2 of 15 percent by end 2024 is possible."

Dr. Adam also cited improvements in the exchange rate and Gross International Reserves positions compared to the same period last year.

"The 18.6 percent depreciation rate to the US Dollar as of June 2024, represents an improvement over the 22.0 percent recorded for the same period last year. Gross International Reserves reached 3.1 months of import as at end June 2024 against 2.5 months of imports in the same period last year," he said.

According to the Minister, the positive economic data shows that "we are on the right trajectory. The economy is rebounding stronger than anticipated. The choices we have made and the policies we are implementing are yielding results."

He assured Parliament that the government "will stay on this path and continue to make the right choices. Our economic recovery is fast and strong."