Ghana’s economic recovery has been strong and steady – Finance Minister

Finance Minister Dr Mohammed Amin Adam has conveyed his optimism regarding Ghana's economic trajectory, emphasising the nation's resilience in the face of global uncertainties.

Speaking at the FirstBank Ghana Dinner on Thursday, the Minister reiterated his confidence in Ghana's economic recovery, contrasting it with the struggles faced by other nations worldwide.

He celebrated Ghana's consistent progress towards accelerated growth and development, attributing this success to the concerted efforts and sacrifices made by the Ghanaian people.

“I say it everywhere with confidence that the recovery of our economy has been strong.

And we must be proud that whilst other countries are still crying with no sense of direction, Ghana’s economy is on the right path to accelerated growth and development for our people,” he said.

Acknowledging the leadership of the Bank of Ghana Governor, Dr Ernest Addison, in managing inflation under the inflation-targeting policy, Dr Adam highlighted a significant decrease in inflation over the past 12 months.

He noted that this achievement had garnered recognition from the International Monetary Fund (IMF), affirming Ghana's economic performance during their recent review mission.

“Our improvement in economic performance was affirmed by the IMF team during the second review mission recently conducted in Ghana.

This paved the way for us to reach the level called a staff-level agreement.

“And that is another demonstration of the sacrifices of the Ghanaian people toward rebuilding our economy,” he said.

The Minister further expressed gratitude for the banking industry's contributions to Ghana's economic recovery.

He urged continued collaboration to ensure sustained growth.

He emphasised the importance of inclusive development, underscoring the government's increased spending on social interventions such as LEAP, the School Feeding Programme, the Capitation Grant, and the National Health Insurance Scheme (NHIS).

“All financial institutions must be commended for the various roles you have played in bringing our economy this far.

And I can tell you that the future is bright.

I am very confident that together, we will riddle this economy and carry the marginalized along so that no one is left behind.”

Dr Adam urged banks to prioritise social impact alongside profitability.

He argued that products and services that addressed societal needs and uplifted marginalised communities would assist in the government’s mission to ensure that no one is left behind in the pursuit of economic prosperity.