In the heart of West Africa, Ghana’s economy has seen remarkable growth, increasing by $20 billion under President Akufo-Addo’s leadership. Finance Minister Mohammed Amin Adam announced this achievement during a session at the Information Ministry in Accra.
In 2023, Ghana’s economy reached $76 billion, showing a significant rise from previous figures. This growth is particularly noteworthy considering the economic challenges faced by the current government.
One key strategy contributing to this success was the Domestic Debt Exchange Program, which garnered a 95% participation rate from local bondholders. This initiative, along with other tough decisions, helped steer the economy towards stability.
Furthermore, Ghana achieved a $3.4 billion trade surplus in 2023, a stark turnaround from the $1.8 billion deficit during the previous administration. The reduction in inflation from 54% in 2022 to 22% in June 2024 also highlights the government’s effective policies.
Minister Adam expressed confidence in further reducing inflation and aiming for single-digit inflation by 2025. These developments signify Ghana’s resilience in the face of global economic challenges and its strategic path towards sustainable economic growth and stability.
[ad_2]
Source link
