Finance Minister Woos Investors, Says Ghana Is On The Path To Achieving Economic Stability

• Finance Minister Dr Mohammed Amin Adam has assured investors and Ghanaians that the country's economy is about to achieve stability
• He said the country's economic progress and its strong recovery trajectory have contributed to this feat
• He also credited the resilience and hard work of Ghanaians for the economic turnaround following a few tumultuous years

Finance Minister Dr Mohammed Amin Adam has assured investors and the Ghanaian public that the country’s economy is on its path to stability.

According to him, Ghana's economy is likely to gain stability in the near future, taking into consideration recent economic progress and the economy’s strong recovery trajectory.

He said this at a press conference on Sunday, April 21, following a session of the ongoing IMF/World Bank Spring Meetings in Washington, DC.

According to him, following Ghana’s subscription to the IMF programme, the country has experienced significant improvement in its economic indicators, particularly in the country’s primary deficit, which decreased to 0.3% of Gross Domestic Product (GDP) at the end of 2023 from 4.3% of GDP in 2022.

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He hoped the primary deficit would be 0.5% of GDP by the end of 2024 and 1.5% in 2025.

Dr Amin Adam said the country achieved this milestone thanks to the government’s efforts in implementing sound economic policies while ensuring a conducive environment for growth.

He added that Ghanaians' resilience and hard work throughout the economic downturn had significantly fueled the sharp turnaround.

“And so progress is good, recovery is strong, and we are heading very quickly to stabilisation, which is what we need to generate growth,” he said.

IMF promises to continue supporting Ghana

Meanwhile, the International Monetary Fund (IMF) has pledged to continue providing budgetary support to Ghana despite its failure to reach an agreement with its Eurobond holders.

The government has engaged its Eurobond creditors to reach a debt restructuring agreement after the country defaulted on its debts.

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Government assured of $360 million third tranche from IMF regardless of final debt agreement

However, negotiations have yet to be concluded after the country rejected certain terms brought by the external creditors because it failed to fall within IMF parameters.

In the meantime, the IMF says that the debt agreement needs to be reached as soon as possible to allow the country the fiscal space to breathe.

Ghana to receive third tranche of IMF money in June

YEN.com.gh reported that the government expects the third tranche of $360 million from its programme with the International Monetary Fund in June 2024.

An IMF mission has commenced its second review of Ghana’s programme.

Dr Mohammed Amin Adam said the country would scale through the assessment.

Source: YEN.com.gh