Finance Minister Dr. Mohammed Amin Adam has pointed out that the Ghanaian economy has rebounded and the fundamentals are strong.

According to him, this can be attributed to the significant growth of the nominal size of the economy, which has increased to US$76 billion and is expected to go up further before the end of the year.

This represents an increase of US$20 billion in seven years. The nominal size of the economy was US$56 billion in 2016, by the end of 2023.

Briefing the press on the Monthly Update of the Ghanaian Economy, Dr. Amin Adam said other notable achievements on the macroeconomic front for 2024 include a strong recovery with growth averaging 5.8% for the first half of 2024, which is the highest recorded in the last five years; Inflation trending downwards and the recent recovery of the cedi.

“In an election year, we have maintained fiscal discipline, even with all the massive infrastructure projects dotted across the country as demonstrated by the many the President has commissioned recently. We successfully completed our debt restructuring programme, both domestic and external. Within one-and-half years, in record time, we successfully negotiated a US$3bn 3-year IMF [International Monetary Fund]-supported programme and successfully completed three reviews in a row, with the IMF Executive Board approving the 3rd Review only yesterday”, he explained.

He added that Ghana has posted strong external sector balances and improved Gross International Reserves significantly.

He continued that whilst the government has pursued the path of stability and fiscal consolidation, it kept its commitment to implementing programmes that enhance welfare and social protection, especially for the vulnerable in society.