By Emmanuel Amoah
Accra, July 23, 2024 – In a significant development, Ghana’s economy has shown signs of a robust recovery, according to Finance Minister Dr. Mohammed Amin Adam.
During the mid-year budget presentation in Parliament, Dr. Adam reported that the government’s economic measures have successfully reversed negative trends, resulting in a strong rebound.
The Finance Minister emphasized that the economy is recovering faster and stronger than anticipated, with all indicators pointing to improvement. This positive development is a testament to the government’s effective policies and choices, which are yielding tangible results.
Dr. Adam highlighted the government’s efforts to expedite the implementation of key programs and support growth-enhancing initiatives over the past six months. These efforts have culminated in several significant achievements, including:
- A successful conclusion of the second review of Ghana’s Extended Credit Facility with the International Monetary Fund (IMF), resulted in a $360 million disbursement.
- Completion of the Debt Restructuring program with the Official Creditor Committee (OCC), covering $5.1 billion and providing $2.8 billion in debt relief.
- Negotiations with Eurobond holders resulted in a cancellation of $4.7 billion of debt and $4.4 billion in debt service relief.
- Successful negotiations with five Independent Power Producers resulted in savings of approximately $6.6 billion over the lifetime of the Purchasing Power Agreements (PPAs).
These achievements demonstrate the government’s commitment to economic recovery and growth. By addressing key challenges and implementing effective policies, Ghana is on track to achieve its economic goals.
Dr. Adam expressed confidence in the government’s ability to maintain this positive trajectory, citing the successful implementation of key programs and support for growth-enhancing initiatives. With these positive results, Ghana’s economy is poised for continued growth and development.
