The economy is demonstrating robust recovery, registering a 4.7% growth in the first quarter of 2024, Finance Minister, Dr Mohammed Amin Adam said during his mid-year budget review presentation to Parliament on July 23.

"Our economy grew by 4.7% in the first quarter of this year, exceeding our expectations. This growth is a testament to the resilience of our economic policies and the hard work of Ghanaians," he stated.

Dr Adam attributed this positive performance to effective policy measures, robust economic management, and the unwavering spirit of the Ghanaian people.

He noted that the government’s strategic interventions had created a stable and conducive environment for growth.

The government has focused on several key areas to drive economic recovery, including fiscal discipline, investment in critical sectors, and support for Small and Medium-sized Enterprises (SMEs).

Stressing the importance of maintaining fiscal discipline, Dr Adam explained, "Despite the global economic headwinds, our government remains steadfast in its commitment to fiscal discipline. This discipline is crucial for maintaining economic stability and fostering a conducive environment for investment and growth."

Significant contributors to the economic rebound include the government's investment in infrastructure. Projects such as roads and hospital infrastructure, including the ongoing Agenda 111 project, have created jobs and stimulated economic activity across various sectors.

The government’s support for SMEs has also been a critical factor in the economic recovery. Recognizing the vital role SMEs play in the economy, the government mobilized GH¢8.2 billion to support these enterprises.

This funding aims to address challenges such as access to finance, capacity building, and market access, enabling SMEs to thrive and contribute significantly to the economy.

"SMEs are the engine of our economy, driving growth, creating jobs, and fostering innovation. Our substantial support for SMEs underscores our commitment to ensuring their sustainability and growth," Dr. Adam noted.

The Finance Minister also pointed to improvements in inflation and exchange rate stability as crucial elements of the economic recovery.

These improvements have brought much-needed relief to businesses and households, creating a more stable economic environment.

He acknowledged the global economic challenges that continue to pose risks but expressed confidence in the resilience of the Ghanaian economy.

He noted that the government’s proactive measures and strategic planning would help mitigate these risks and sustain growth.

In addition to economic growth, the mid-year budget review highlighted the government’s efforts to enhance social services and improve the quality of life for all Ghanaians.

Significant investments have been made in healthcare, education, and social protection programs.

For instance, the government has allocated GH¢5.4 billion to support the Livelihood Empowerment Against Poverty (LEAP) program, the National Health Insurance Scheme (NHIS), and the school feeding program.

These investments aim to provide essential social services and support to the most vulnerable segments of society.

Dr Adam stated that these social investments are part of the government’s broader strategy to achieve inclusive growth and ensure that no Ghanaian is left behind.

"Our investments in social services are crucial for fostering inclusive growth and ensuring that all Ghanaians have the opportunity to thrive. We are committed to building a society where everyone can benefit from the nation’s progress," he said.