Finance Minister, Mr. Ofori-Atta, is expressing optimism about the country’s economic recovery, expecting a rebound in GDP growth. The minister projected a 4.9 percent increase in GDP for the year 2026.
These positive forecasts are attributed to the implementation of growth-oriented and structural transformation strategies outlined in the Post-COVID-19 Programme of Economic Growth.
The government is also determined to attract private domestic and foreign investments to support the country’s enhanced growth strategy.
The minister projected a 2.8 percent increase in GDP for the year 2024, followed by 4.7 percent in 2025, and a further increase to 4.9 percent in 2026. These projections are a result of the government’s implementation of growth-oriented and structural transformation strategies outlined in the Post-COVID-19 Programme of Economic Growth.
Briefing Parliament at this year’s Mid-year Budget Review on Monday July 31, Mr. Ofori-Atta highlighted the importance of the government’s commitment to economic recovery and the development of an enhanced Growth Strategy.
The strategy aims to attract private domestic and foreign investments to fuel economic growth and accelerate the country’s recovery from the effects of the COVID-19 pandemic.
“We have been charged in the Post-COVID-19 Programme of Economic Growth to develop an enhanced Growth Strategy supported by crowding in of private domestic and foreign investments to fuel economic growth,” stated Mr. Ofori-Atta.
The Finance Minister emphasized the need to create an enabling environment for businesses and investors, stating that private sector participation would play a crucial role in driving economic growth. He further highlighted the government’s commitment to implementing policies that would attract and retain both local and foreign investments.
Ghana, like many other countries, faced significant economic challenges due to the COVID-19 pandemic. The global health crisis led to disruptions in various sectors, affecting businesses, employment rates, and overall economic performance. However, Mr. Ofori-Atta’s positive projections indicate the government’s confidence in the effectiveness of its economic recovery strategies.
Analysts have noted that achieving the projected GDP growth rates would require sustained efforts in implementing growth-oriented policies, as well as fostering a favorable investment climate. The government’s commitment to structural transformation and attracting private investments will be critical in realizing these economic goals.
The Finance Minister further told Parliament that the government will not be requiring a supplementary budget in the mid-year budget.
“We will not require a supplementary budget,” he said.
In the area of stemming inflation, according to the Minister, to be able to do that it will require cooperation between fiscal and monetary policies.
He further told Parliament that despite the economic challenges that the country faces, the government of President Nana Addo Dankwa Akufo-Addo has kept the lights on for both domestic and commercial uses.
“We have managed to keep the lights in spite of the challenges, to enable business and households to function,” he said.
He further acknowledged the contributions that Ghanaians made to ensure economic recovery following the outbreak of Covid and the war in Ukraine.
“We thank Ghanaians for their patience and understanding and for contributing to the efforts to weather the storm,” he said.
He further noted that the government has turned the corner relative to the economic challenges and assured that the government would continue in that trend.
By Vincent Kubi