Ghana’s Ministry of Finance, under the leadership of Dr. Mohammed Amin Adam, has launched a series of monthly economic briefings to enhance transparency and accountability within the country’s financial landscape.
Dr. Adam, who assumed office in February 2020, emphasized the importance of these sessions in ensuring consensus towards macroeconomic stability and inclusive growth.
At the briefing, Dr. Adam highlighted Ghana’s currency stability, citing a 6.8% depreciation of the cedi against the US dollar in 2024 compared to 22.1% the previous year, attributed to interventions by the Bank of Ghana.
Positive trends in the external sector were noted, including a $46 million surplus in the current account by 2023’s end and a $392 million surplus in the trade balance by February 2024, contributing to gross international reserves growth.
Ghana demonstrated fiscal improvement, with the overall budget deficit decreasing from 11.8% of GDP in 2022 to 3.9% by 2023’s end, reflecting prudent expenditure management and enhanced revenue collection.
Debt restructuring efforts, both domestically and externally, aim to restore fiscal stability and long-term debt sustainability, with Ghana engaging with official creditors under the G20 common framework for debt relief and financial resilience.
Future targets include GDP growth projections of 5% by 2027 and a return to a sustainable debt trajectory by 2028, alongside efforts to tackle inflation and bolster gross international reserves for enhanced import cover.
Minister Adam reiterated the government’s commitment to robust structural reforms in tax policy, revenue administration, and public financial management to address systemic weaknesses and foster economic revitalization and job creation for sustainable growth.
