We are handing over a strong economy – Finance Minister
Finance Minister Dr. Mohammed Amin Adam has assured Ghanaians that the economy being handed over by the New Patriotic Party (NPP) government is resilient and on a solid recovery path. Speaking at a press briefing in Accra on December 17, 2024, Dr. Amin Adam highlighted significant achievements in economic growth, inflation control, and debt reduction, despite recent challenges.
Key Achievements
Dr. Amin Adam revealed that Ghana’s Gross International Reserves had increased to $8 billion, equivalent to 3.5 months of import cover, up from $6.2 billion in 2016. He also highlighted a strong GDP growth rate averaging 6.3% in 2024, with trade and current account surpluses boosting external balances.
Private sector credit growth rebounded significantly, with a 28.7% nominal increase in October 2024 compared to a contraction in the same period last year. Additionally, inflation had dropped to 23% in November 2024, down from a peak of 54% in December 2022.
Debt Reduction
The Finance Minister noted progress in reducing the public debt stock, with a GH₵46.8 billion reduction bringing the debt-to-GDP ratio down from 79.2% to 74.6%. He assured Ghanaians that measures are in place to further lower it to 55% in net present value terms.
Response to Criticism
Addressing criticisms about the country’s economic state, Dr. Amin Adam dismissed claims of financial instability as “propaganda.” He emphasized that the current fundamentals are stronger than when the NPP assumed office in 2016.
Dr. Amin Adam expressed hope that the incoming administration would sustain policies that ensure continued economic recovery and debt sustainability.
The NPP’s economic stewardship will likely shape national discourse as President-elect John Dramani Mahama takes over governance.
