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Ghana’s economy is showing strong signs of recovery, registering a 4.7% growth in the first quarter of 2024. This encouraging development was announced by the Minister for Finance, Dr. Mohammed Amin Adam, during his mid-year budget review presentation to Parliament on July 23, 2024.
“Our economy grew by 4.7% in the first quarter of this year, exceeding our expectations. This growth is a testament to the resilience of our economic policies and the hard work of Ghanaians,” he stated.
The Finance Minister attributed this positive performance to a combination of effective policy measures, robust economic management, and the unwavering spirit of the Ghanaian people. He noted that the government’s strategic interventions had created a stable and conducive environment for growth.
The government has been focused on several key areas to drive economic recovery, including fiscal discipline, investment in critical sectors, and support for Small and Medium-sized Enterprises (SMEs), with emphasis on maintaining fiscal discipline to sustain this growth momentum, the Minister explained.
“Despite the global economic headwinds, our government remains steadfast in its commitment to fiscal discipline. This discipline is crucial for maintaining economic stability and fostering a conducive environment for investment and growth,” he remarked.
One of the significant contributors to the economic rebound has been the government’s investment in infrastructure. Projects such as roads, and hospital infrastructure, such as the ongoing Agenda 111 project, have not only created jobs but also stimulated economic activity across various sectors.
The government’s support for SMEs has also been a critical factor in the economic recovery. Recognizing the vital role that SMEs play in the economy, the government mobilized GHS 8.2 billion to support these enterprises. This funding aims to address challenges such as access to finance, capacity building, and market access, enabling SMEs to thrive and contribute significantly to the economy. “SMEs are the engine of our economy, driving growth, creating jobs, and fostering innovation. Our substantial support for SMEs underscores our commitment to ensuring their sustainability and growth,” Dr. Adam noted.
The Finance Minister also pointed to improvements in inflation and exchange rate stability as crucial elements of the economic recovery. These improvements have brought much-needed relief to businesses and households, creating a more stable economic environment.
He acknowledged the global economic challenges that continue to pose risks but expressed confidence in the resilience of the Ghanaian economy. He noted that the government’s proactive measures and strategic planning would help mitigate these risks and sustain growth.
In addition to economic growth, the mid-year budget review also highlighted the government’s efforts to enhance social services and improve the quality of life for all Ghanaians. Significant investments have been made in healthcare, education, and social protection programs. For instance, the government has allocated GHS5.4 billion to support the Livelihood Empowerment Against Poverty (LEAP) program, the National Health Insurance Scheme (NHIS), and the school feeding program. These investments aim to provide essential social services and support to the most vulnerable segments of society.
Dr. Adam emphasized that these social investments are part of the government’s broader strategy to achieve inclusive growth and ensure that no Ghanaian is left behind.
“Our investments in social services are crucial for fostering inclusive growth and ensuring that all Ghanaians have the opportunity to thrive. We are committed to building a society where everyone can benefit from the nation’s progress,” he said.
