Dr Mohammed Amin Adam, the Finance Minister, has revealed that Ghana’s Gross Domestic Product (GDP) grew by 2.9 percent in 2023.
The growth he explained has surpassed
the World Bank’s projected 1.5% and the revised projection of 2.3% for the year under review.
He disclosed this at a press briefing held at the Finance Ministry on Friday, May 24, 2024.
According to him, the growth is expected to average 5% in the medium-term.
The Minister added that Ghana’s international reserves are improving with $6.2 billion.
“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.”
“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.”
By: Rainbowradioonline.com/Ghana
