Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has assured the public that the outgoing New Patriotic Party (NPP) government is leaving behind a robust and recovering economy. Speaking at a media briefing in Accra, he highlighted significant economic improvements as the country transitions power to President-elect John Dramani Mahama of the National Democratic Congress (NDC).
Dr. Amin Adam noted that Ghana’s economy has experienced steady growth, with GDP growth rates averaging 6.3% in 2024—up from the 3.4% inherited in 2016. He emphasized a trade balance surplus of $3.85 billion and reserves increasing to $8 billion, equivalent to 3.5 months of import cover. Inflation has also dropped from 54% in late 2022 to 23% in November 2024.
The Finance Minister acknowledged lingering challenges, including high inflation, but stressed the government’s efforts to stabilize prices and ease hardships. Additionally, private sector credit growth rebounded strongly, signaling economic confidence.
On public debt, Dr. Amin Adam stated that the debt-to-GDP ratio decreased from 79.2% to 74.6%, with projections to reduce it further. He urged the incoming administration to sustain the policies implemented to maintain the recovery.
Dr. Amin Adam dismissed claims of economic distress as political propaganda, insisting the government had laid a strong foundation for future growth.
