Ghana’s Economy Heading Towards Stability – Finance Minister

The Minister of Finance, Dr Mohammed Amin Adam has asserted that Ghana’s economy is heading towards stabilisation.

He credits this to the nation’s robust economic advancement and resilient recovery.

He made these comments during a press briefing following the Spring Meetings in Washington on Sunday, April 21, 2024.

The Minister highlighted that the primary deficit stood at 4.3% of the Gross Domestic Product (GDP) by the end of 2022.

He emphasized that by the conclusion of 2023, the primary deficit had diminished significantly to just 0.3%, marking a four-percentage point decrease.

He expects a surplus of 0.5% of GDP by the end of this year and 1.5% of GDP by next year.

“For example, the primary deficit by the end of 2022 was 4.3% of GDP. By the end of 2023, the primary deficit had reduced to just 0.3% which is about 4 percentage point decline in the primary deficit. We are expecting to end this year with a surplus of 0.5% of GDP and then next year to 1.5% of GDP.”

“And so Progress is good, recovery is strong, and we are heading very quickly to stabilisation which is what we need to generate growth,” he added.