Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has made a bold declaration regarding the country’s economic trajectory, stating that it is experiencing a robust rebound after facing significant challenges over the past two years.
Speaking at a UK Town Hall meeting on Saturday, Dr. Adam exuded confidence in Ghana’s economic prospects and highlighted the surprising growth figures that have garnered international attention.
“This year our economy is going to surprise the whole world,” Dr. Adam announced, emphasizing the remarkable resurgence of the Ghanaian economy.
He revealed that Ghana’s economic performance has exceeded projections by leading financial institutions, causing astonishment among experts. Contrary to forecasts, the economy grew by 2.9% last year, surpassing the projected 1.5% growth rate. In the first quarter of this year, Ghana recorded a substantial growth rate of 4.7%, outperforming the estimated 3.1% growth rate by international bodies such as the IMF and World Bank.
Dr. Adam expressed optimism about the continued growth momentum, confidently asserting, “This economy will grow, and it will grow faster than everybody thinks.”
The Finance Minister’s bullish outlook on Ghana’s economic prospects signals a positive trend that positions the country as a contender in the global economic landscape.
In response to the challenges faced by customers affected by the banking sector clean-up, Dr. Adam disclosed that President Nana Addo Dankwa Akufo-Addo had directed the Ministry of Finance to release GH¢1.5 billion to assist those impacted.
Acknowledging the human cost of the clean-up exercise, Dr. Adam emphasized the need for accountability and transparency in financial matters. While affirming that the government cannot be held responsible for individual investment decisions, he acknowledged the mistakes made during the clean-up process and the inadequate communication that led to negative repercussions for some individuals.
Dr. Adam highlighted the human toll of the banking sector clean-up, noting that certain individuals had endured significant hardships, with some even tragically losing their lives as a result of the aftermath.
The Finance Minister’s recognition of the personal impact of economic decisions reflects a commitment to addressing the welfare of affected citizens while steering Ghana’s economy towards sustained growth and stability.
By Vincent Kubi