Dr. Mohammed Amin Adam, the Minister of Finance, has expressed confidence in the country’s economic trajectory, suggesting that Ghana could exceed the International Monetary Fund’s (IMF) revised 4% GDP growth projection for 2024.
The IMF recently adjusted its growth forecast upward from an initial 3.1%, reflecting Ghana’s notable economic recovery gains. The IMF’s upward adjustment to 4% GDP growth signals renewed optimism regarding Ghana’s economic resilience. The initial forecast was revised in light of the country’s improved macroeconomic indicators and effective fiscal management policies.
At a recent press briefing following the recent IMF/World Bank Annual Meetings, Dr. Amin Adam attributed the forecast revision to Ghana’s substantial economic recovery in 2023. The minister pointed to increased investment, strengthened macroeconomic policies, and successful structural reforms as drivers of the country’s growth potential for the coming year.
Dr. Amin Adam highlighted the government’s commitment to economic stability and fiscal discipline, emphasizing efforts to curb inflation, stabilize the cedi, and enhance revenue mobilization. These measures are aimed at sustaining Ghana’s growth momentum and achieving rates beyond the 4% target set by the IMF.
As part of the growth strategy, the government is prioritizing private sector development and investment incentives to support job creation and industrial growth. Dr. Amin Adam underscored the government’s focus on key sectors like agriculture, manufacturing, and technology, which are expected to contribute to stronger GDP performance.
To enable Ghana to access the third tranche of the loan facility, the IMF Mission led by Stéphane Roudet conducted a second review of its $3bn IMF Programme in July. Ghana’s GDP growth rate was revised from 2.8% to 3.1% by 2024, but according to IMF data provided at the Annual Meetings of the IMF/World Bank, Ghana will have a GDP growth rate of 4% by the end of 2024.
With the IMF’s revised forecast setting a favorable tone, the Finance Minister remains optimistic about Ghana’s ability to achieve even higher growth.
