Finance Minister Dr. Mohammed Amin Adam says Ghana's Gross Domestic Product (GDP) grew by 2.9 percent in 2023. 

This growth rate surpassed both the World Bank's initial projection of 1.5 percent and its revised estimate of 2.3 percent for the year.

Speaking at the Ministry of Finance’s monthly briefing on Friday, May 24, Dr. Amin Adam highlighted the positive economic performance amidst global economic challenges. 

He emphasised that the actual growth rate reflects the resilience of Ghana's economy and the effectiveness of the government's economic policies.

Looking ahead, Dr. Amin Adam projected that Ghana's GDP growth is expected to average 5 percent in the medium term. 

He expressed confidence in the country's economic prospects, citing ongoing reforms and initiatives aimed at sustaining and enhancing growth.

“Growth turned out to be more resilient and robust in 2023 than initially programmed as GDP grew by 2.9% compared to the original projection of 1.5% and the revised projection of 2.3%."

"We expect growth to continue its upward trajectory to average 5% in the medium term as we implement our growth strategy under the PC-PEG, supported by the revival of Ghana’s industrialization drive, modernization of agriculture with a focus on value-addition to create economic and employment opportunities, and SME growth and financing.”

Dr. Amin Adam also disclosed that the country’s international reserves have improved significantly, reaching $6.2 billion. 

“Gross International Reserves (GIR) is improving and now stands at $6.2 billion covering 2.7 months of import cover at the end of February 2024 compared to $5.9 billion in the corresponding period of 2022."

“GIR is expected to improve to cover at least 4.4 months of import cover in the medium-term to be supported by external inflows from the IMF and World Bank, the government’s Gold-for-Oil Programme, the BoG’s Gold for Reserves programme, as well as the Cocoa Syndicated Funds,” he added.