Dr Mohammad Amin Adam
The Akufo-Addo/Bawumia Administration has achieved significant economic success, with the Ghanaian economy growing by $20 billion as of December 2023.
According to the Minister of Finance, Dr. Mohammed Amin Adam, this growth is a testament to the effective economic management and policies implemented by the government, despite facing global economic challenges.
In 2013, under the Mahama administration, the economy was valued at $64 billion, but it declined to $56 billion in 2016. However, under the Akufo-Addo/Bawumia Administration, the economy has grown to $76 billion, representing a $20 billion increase.
Dr. Adam who said this at the Townhall Meeting held in Accra on Tuesday, attributed this growth to the government’s tough economic decisions, including the Domestic Debt Exchange Programme (DDP), which achieved 95% participation from local bond-holders and negotiated debt service relief with external bilateral creditors.
This has resulted in a $2.8 billion debt service relief and a grace period to pay debts with a cheaper interest rate until 2026.
Additionally, the government has recorded a $3.4 billion trade surplus in 2023, compared to a $1.8 billion trade deficit in 2016 under the Mahama-led government.
The ‘One District, One Factory’ initiative has also led to an increase in exports, with 169 factories currently operational.
The government’s policies have also led to a reduction in inflation from 54% in 2022 to 22% as of June this year, with a projected decrease to 15% by the end of the year and a single digit by 2025.
The Minister of Information, Ms. Fatimatu Abubakar, on her side emphasized that the town hall meetings would be held across the country to showcase the government’s achievements and allow the public to ask questions and seek clarifications from duty-bearers.
“The feedback from these interactions will shape the government’s future policies and programs” she added.
BY Daniel Bampoe