The Minister of Finance, Dr Mohammed Amin Adam, has expressed confidence in the economy the New Patriotic Party (NPP) government is leaving behind as it prepares to hand over to the newly-elected administration of John Dramani Mahama.
Addressing journalists in Accra yesterday, Dr Amin Adam, emphasised that the current state of Ghana's economy reflects significant recovery and resilience despite global and domestic challenges in recent years. •Dr Amin Adam "We are handing over a strong economy," Dr Amin Adam declared. "The first four years of this administration were marked by impressive performance, with the longest period of single-digit inflation, an average GDP growth rate of seven per cent, and strong external balances.
Even though we faced challenges between 2021 and 2022, the economy has recovered strongly and faster than many anticipated." Dr Amin Adam highlighted key achievements, pointing to Ghana's Gross International Reserves, which currently stand at $8 billion, equivalent to 3.5 months of import cover.
He said this is more than the $6.2 billion of reserves handed over to us by the NDC in 2016, adding that the economy's growth trajectory has returned to pre-COVID levels. "The growth rates in 2024-4.8 per cent in the first quarter, seven per cent in the second, and 7.2 per cent in the third reflect an average of 6.3 per cent.
