Finance Minister Dr Mohammed Amin Adam has affirmed that the New Patriotic Party (NPP) government is leaving behind a robust and resilient economy as it prepares to hand over power to the newly elected administration.
Speaking at a press briefing in Accra on Tuesday, December 17, 2024, Dr Amin Adam highlighted the economic gains made under the NPP administration, despite significant global and domestic challenges in recent years. "We are handing over a strong economy," he stated. "The first four years of this administration saw impressive achievements, including the longest period of single-digit inflation, an average GDP growth rate of 7%, and strong external balances. "Despite the challenges we faced between 2021 and 2022, the economy has rebounded strongly, exceeding expectations." Dr Amin Adam pointed to the country's Gross International Reserves, now at $8 billion-equivalent to 3.5 months of import cover-as evidence of progress.
This figure, he noted, is a significant improvement from the $6.2 billion reserves inherited from the National Democratic Congress (NDC) in 2016.
He also highlighted growth rates in 2024, which he described as a return to pre-COVID levels. "Growth rates of 4.8% in the first quarter, 7% in the second, and 7.2% in the third give us an average growth rate of 6.3%.
