Finance Minister says Ghana’s economy is rebounding strongly 

Dr. Mohammed Amin Adam, the Minister for Finance, says Ghana’s economy has rebounde very strongly from the recent challenges.

He said notably the macroeconomic front for 2024 showed a strong recovery with growth averaging 5.8 per cent for the first half of 2024, which was the highest recorded in the last five years and inflation was trending downwards and the cedi gaining strength.

The Minister was speaking at the monthly briefing to provide update on developments on the economy since the last engagement in October 2024 in line with the resolve to update the public on the economy 

He said it was instructive to mention that, while the nominal size of the Ghanaian economy was $56 billion in 2016, by the end of 2023, the nominal size increased to $76 billion representing an increase of $20 billion in seven years. 

He said the figure was expected to be more by the end of 2024 when the Ghana Statistical Service puts out the end year data. 

Dr Adam said in an election year, the government had maintained fiscal discipline, even with all the massive infrastructure projects dotted across the country.

The Minister said they have successfully completed the debt restructuring programme, both domestic and external; within one-and-half years, in record time, and successfully negotiated a $3 billion 3-year IMF-supported programme and completed three reviews in a row, with the IMF Executive Board approving the 3rd Review on Monday December 2, 2024.

Dr Adam said, “we posted strong external sector balances and improved Gross International Reserves significantly.”

He said whilst they have pursued the path of stability and fiscal consolidation, the government had kept its commitment to implementing programmes that enhanced welfare and social protection especially for the vulnerable in the society. 

“We have strengthened and widened access to all our social intervention programmes, which include among others the number of households receiving cash grants under the LEAP programme increased by 64.4 per cent from 212,917 in 2016 to about 350,000 on the register in 2024,” he said.

He said they have also increased the LEAP cash transfer budget from GH¢50 million in 2016 to GH¢720 million in 2024; indexed the LEAP benefits to inflation for the first time in the history of the programme in 2023 and beneficiaries of the Ghana School Feeding Programme increased from 1,671,777 in 8,326 public basic schools in 2016 to 4,029,580 in 10,832 public basic schools in 2024. 

This represents 141 per cent increase in beneficiaries and 30.10 percent in the number of public basic schools.

The feeding grant cost per meal per child per day under the School feeding programme was increased from GH¢0.80 in 2016 to GH¢1.50 in 2024 and NHIS expanded its coverage to include childhood cancers, prostate cancer, mental health care, annual health check, dialysis services, and hydroxyurea for sickle cell patients.

He said the Capitation grant increased per recipient from GH¢5.00 in 2016 to GH¢15.00 in 2024 and Year-on-Year total enrolment under the Free SHS/TVET programmes increased from 813,448 in 2016/17 academic year to 1,488,575 in 2023/2024 academic year, an increase of 83 percent over the period.

He said the government increased the number of public astro turfs across the country from three in 2016 to over 150 as at June 2024 and the government introduced the Free Dialyses Programme for all patients across all the health centers providing dialyses services.

Source: GNA

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