News:
July 23, 2024
The Minister for Finance, Dr. Mohammed Amin Adam told parliament during the mid-year fiscal policy review presentation that the country’s economy is rebounding stronger than anticipated.
He noted that over the last two years, Government has embarked on a number of decisive measures to get us back on the path of fiscal consolidation, economic stability and growth and was happy to note that these policies that have been implemented are yielding the expected results.
• Growth continues to exceed our expectations. The 4.7 percent growth rate reported by the Ghana Statistical Service for first quarter 2024 exceeds the revised target of 3.1 percent;
• Inflation is declining. End-June inflation rate of 22.8 percent, a reduction of 31 percentage points since December, 2022, confirms the target threshold of +/-2 of 15 percent by end 2024 is possible;
•Exchange rate has largely stabilised, compared to December, 2022, despite the recent pressures. The 18.6 percent depreciation rate to the US Dollar as of June 2024, represents an improvement over the 22.0 percent recorded for the same period last year; and
• Gross International Reserves reached 3.1 months of import as at end June 2024 against 2.5 months of imports in the same period last year.
These he said attest to the fact that the economy is on the right trajectory, saying, “the choices we have made and the policies we are implementing are yielding results. We have reversed the negative trends, all the indicators are looking better. I want to assure you that we will stay on this path and continue to make the right choices. Our economic recovery is fast and strong”, he affirmed.
Ghanamps.com