By Finance Minister Dr. Mohammed Amin Adam reports that Ghana’s Gross Domestic Product (GDP) expanded by 2.9 percent in 2023.
This growth rate exceeded both the World Bank’s initial projection of 1.5 percent and its revised estimate of 2.3 percent for the year.
During the Ministry of Finance’s monthly briefing on Friday, May 24, Dr. Amin Adam underscored the favorable economic performance amid global economic challenges.
He emphasized that the actual growth rate underscores the resilience of Ghana’s economy and the efficacy of the government’s economic policies.
Looking forward, Dr. Amin Adam forecasted that Ghana’s GDP growth is anticipated to average 5 percent in the medium term.
He expressed confidence in the country’s economic outlook, citing ongoing reforms and initiatives geared towards sustaining and bolstering growth.
“Growth turned out to be more resilient and robust in 2023 than initially programmed as GDP grew by 2.9% compared to the original projection of 1.5% and the revised projection of 2.3%.”
“We expect growth to continue its upward trajectory to average 5% in the medium term as we implement our growth strategy under the PC-PEG, supported by the revival of Ghana’s industrialization drive, modernization of agriculture with a focus on value-addition to create economic and employment opportunities, and SME growth and financing.”
Dr. Amin Adam also revealed that the country’s international reserves have notably improved, reaching $6.2 billion.
“Gross International Reserves (GIR) is improving and now stands at $6.2 billion covering 2.7 months of import cover at the end of February 2024 compared to $5.9 billion in the corresponding period of 2022.”
“GIR is expected to improve to cover at least 4.4 months of import cover in the medium-term to be supported by external inflows from the IMF and World Bank, the government’s Gold-for-Oil Programme, the BoG’s Gold for Reserves programme, as well as the Cocoa Syndicated Funds,” he added.
