Ghana’s Economic Growth: Akufo-Addo’s Government Achieves $20 Billion Increase
Ghana’s economy has experienced significant growth under the Akufo-Addo/Bawumia Administration, with an increase of $20 billion in nominal terms, according to Finance Minister Dr. Mohammed Amin Adam.
Speaking at the Greater Accra Regional Town Hall meeting in Accra, Dr. Amin Adam revealed that the country’s economy had grown from $56 billion in 2016 to $76 billion as of December 2023.
The Minister attributed this growth to the government’s tough economic decisions, which have yielded positive results despite the global economic challenges posed by the COVID-19 pandemic and the Russia-Ukraine war.
He highlighted the success of the Domestic Debt Exchange Programme (DDP), which achieved 95% participation from local bondholders and secured $2.8 billion in debt service relief.
Dr. Amin Adam also pointed to the government’s achievement of a $3.4 billion trade surplus in 2023, compared to a $1.8 billion trade deficit in 2016 under the previous administration.
He assured that the government’s policies and programs would continue to address inflation, which had decreased from 54% in 2022 to 22% as of June this year, with a projected reduction to 15% by the end of the year and single-digit inflation by 2025.
The Minister also highlighted the success of the ‘One District, One Factory’ initiative, which had led to an increase in exports and the establishment of 169 operational factories.
The town hall meeting, organized by the Ministry of Information and the Regional Coordinating Council, aimed to showcase the government’s infrastructural projects and social interventions in the region and provide an opportunity for citizens to ask questions and seek clarifications from duty-bearers.