Finance Minister, Mohammed Amin Adam has highlighted the significant strides Ghana has made in its economic recovery.

At a press conference on Thursday, the Minister attributed the progress to the successful implementation of the International Monetary Fund (IMF) Programme.

“The positive effects of the first and second reviews of the implementation of the IMF Programme testify that we are achieving the programme’s objective of restoring macroeconomic sustainability and debt sustainability.

“We are building resilience through strong and wide-ranging structural reforms and laying the foundation for stronger and more inclusive growth while protecting the poor and the vulnerable. We are now seeing signs of macro stability and economic recovery,” he stated

Mr Amin Adam expressed confidence in the strength of the recovery, citing several key economic indicators.

“The recovery has been strong, and we will pursue all the policies necessary to sustain the gains we have made,” he affirmed.

He pointed to the resilience and robustness of growth in 2023, noting that GDP grew by 2.9%, surpassing the initial projection of 1.5% and the revised projection of 2.3%.

The Minister anticipates this upward trajectory to continue, with growth expected to average 5% in the medium term as the government implements its growth strategy.

He also noted that inflation has also shown a significant decline.

“Headline inflation declined by 31% from 51.1% at the end of 2022, to 23.2% at the end of December in 2023. This was before inflation inched up slightly to 25.8% in March 2024 but we have seen it trending downwards again.

"The downward trend is expected to continue over the medium term until it returns to the target band of 8 (plus or minus 2%) by 2025. This would be largely achieved because of the fiscal consolidation of government, tight monetary policy and exchange rate stability and improved local food production.”