Ghana’s economy is rebounding strongly – Finance Minister

Dr. Mohammed Amin Adam, the Minister of Finance has expressed delight at the massive economic recovery in Ghana.

He said the country’s economy is gradually coming back to the strong level it was before the COVID-19 pandemic.

He highlighted that inflation has seen a notable decrease in recent months signalling that the economy is on the right path to recovery.

Speaking as the special guest of honour at the Health Sector Annual Summit 2024, Dr. Adam expressed optimism that inflation would continue to decline and be significantly lower by the end of the year.

“The economy is rebounding strongly, and I can tell you as manager of the economy that our recovery is really strong. We face serious challenges, but the future is looking brighter and brighter.

“As a result of the policies we have implemented, economic growth has become more robust than ever anticipated. Projected to grow at 1.5% last year [2023], we grew at 2.9%.”

“The signs of growth we’re seeing from the data also show that this year will be strong, and so, when I say the economy is strong, I mean it. Inflation has also been on the decline, from a peak of 54% at the end of 2022, and 12 months later, it came down to 25%.

“We are working to ensure inflation reaches 15% by the end of this year. And by the end of 2027, inflation comes with a single digit.”

Relatedly, the Vice President Dr. Mahamudu Bawumia has disclosed that the government has secured financial clearance to pay arrears owed trainee nurses across the country.

He said the Ministry of Finance has approved a sum of one hundred and seventy-seven million Ghana cedis to be disbursed to trainee nurses.

Speaking at a meeting with nurses and midwives in Accra, Dr Mahamadu Bawumia said the money would be paid on Thursday.

“This Thursday, the Controller is transferring GH¢177 million to the Ministry of Health to pay the nursing training allowances. So I have also alerted Dr. Okoe-Boye to be on standby when the money hits the Ministry of Health account, they should move it quickly to the accounts of the nursing trainees so that they will have their alawa. It will drop.”