Ghana Economy Grows By $20bn Under Akufo-Addo, Finance Minister Touts Gains Amid Challenges
- Minister of Finance Dr Mohammed Amin Adam says the Ghanaian economy has grown by $20 billion under Akufo-Addo
- The minister said as of 2023 the size of the Ghanaian economy had increased to $76 billion
- An applied economist, noted to YEN.com.gh that the minister's remarks highlighted Ghana's forex challenges
Minister of Finance Dr Mohammed Amin Adam says the Ghanaian economy has grown by $20 billion since 2017, under the Akufo-Addo administration, as of December 2023.
According to him, the size of the economy was pegged at $64 billion in 2013; however, it reduced to $56 billion in 2016.
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GNA reported that Adam said that, as of 2023, the size of the Ghanaian economy had increased to $76 billion at the Greater Accra Regional Town Hall meeting in Accra on Tuesday, August 7, 2024.
“So in nominal terms, the economy has grown by $20 billion under Akufo-Addo’s Government”.
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He also acknowledged tough economic decisions amid economic crises that yielded positive results.
Alfred Appiah, an applied economist, noted to YEN.com.gh that the minister's remarks highlighted Ghana's forex challenges in recent years.
"Interestingly, in cedi terms, the economy over the period the minister is referencing grew by 283 percent. But in dollar terms, it only grew by 36 percent."
"This highlights how much worse the cedi has become over time, from a USD to cedi rate of 3.92 used for 2016 GDP to 11.02 used for 2023."
Economic struggle and return to IMF
The Akufo-Addo administration has overseen the worst economic crisis in Ghana since the 1980s.
This prompted Ghana's 17th trip to the IMF for a bailout. In May 2023, Ghana secured a $3 billion bailout from the fund after defaulting on most of its $30 billion external debt in 2022.
Ghana has already received $1.56 billion, with another $360 million due by December.
In line with Adam's comments, the IMF said in a recent report that Ghana's economic reform program is delivering on its objectives.
Kennedy Agyapong urges NPP to apologise for hardship
YEN.com.gh reported that Kennedy Agyapong has urged unity and humility from the New Patriotic Party ahead of the elections
Agyapong argued that such humility is needed to help the governing party garner votes in the elections
He was speaking at the launch of the NPP Ablekuma South Constituency election campaign.
Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh
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Source: YEN.com.gh
