Ghana’s Finance Minister, Dr Mohammed Amin Adam, has assured that the nation’s economic environment remains stable and shows positive growth despite recent challenges.
Speaking at a town hall meeting in Accra on Tuesday, July 6, Dr Amin Adam highlighted the government’s successful implementation of critical structural reforms to stabilise the economy.
These reforms have helped to tame inflation, reduce national debt, and restore investor confidence, even in the face of global economic shocks.
The Ghanaian economy faced severe difficulties recently, with inflation reaching a 22-year high of 54.1 percent in 2022.
Challenges such as an unstable currency, high interest rates, and unsustainable public debt have burdened the economy, leading to significant hardships and the withdrawal of some foreign companies.
However, Dr Amin Adam noted that the International Monetary Fund (IMF) program has contributed to positive growth across various sectors.
“Our economy is at a pivotal juncture, and we must work together to ensure sustainable growth and prosperity for all,” he said.
At the stakeholders’ engagement on the 2024 budget implementation, Dr Amin Adam emphasised the importance of transparency, inclusivity, and shared responsibility in shaping economic policies.
He encouraged open dialogue to address current issues and explore innovative solutions.
Looking forward, the Minister announced the forthcoming SME Growth and Opportunity Programme launch on July 16.
He emphasised the crucial role of banks in this initiative, with the Development Bank Ghana set to channel approximately GHS 1.4 billion through the financial sector for SMEs.
Additionally, the International Finance Corporation (IFC) is expected to contribute a $400 million package to bridge the financing gap for SMEs.
Dr Amin Adam concluded by expressing optimism about Ghana’s economic future, calling for a united and pragmatic approach to leverage the country’s potential and ensure a resilient and dynamic economy.
