The Finance Minister, Dr Mohammed Amin Adam, says the economy is getting back on track due to the positive growth in the first half of 2024.
Referencing figures from the Ghana Statistical Service (GSS), he stated that the economic growth for 2024 was exceeding every expectation, prompting major analysts and keen observers to revise their projections upwards.
The finance minister, who was speaking at the second Quarterly Economic Roundtable discussion held in Accra, said the country’s half-year Gross Domestic Product (GDP) growth of 5.8% for 2024 is the highest in the last five years, which is a testament that the economy was “back on track.”
He said it is fascinating to note that the growth of 4.8% in quarter one and 6.9% in quarter two was driven largely by industry and agriculture sectors, for quarter two, all three sectors, including services, drove the growth. “What this means is that we are back on track. It also means that our policies to support the private sector are having a significant impact”, “Economic actors in these sectors are receiving the needed support,” he added.
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However, he said some companies that had left the country due to economic hardship are now returning back because of the policies and rebounds being made, citing the return of “Virgin Atlantic” in Ghana to operate as an airline because “they see economic recovery”.
He urged all Ghanaians to be guided by unity of purpose on Small and Medium Enterprises (SMEs) to consolidate the strides made in fiscal consolidation, debt restructuring, and economic reforms.
Additionally, he pledged the government’s sustained support to SMEs, assuring the Ghanaian people that the government prioritizes their interests.
Meanwhile, dignitaries who participated in the discussions expressed gratitude and urged stakeholders to fully participate in the recovery of the economy.
They noted that the current macroeconomic landscape in Ghana required resilient, flexible and innovative structures to maintain its growth.
The second Quarterly Economic Roundtable discussion was held under the theme “Driving economic growth through Small and Medium-sized Enterprises (SMEs).”
