By Edzorna Francis Mensah
Dr. Mohammed Amin Adam, Minister for Finance and MP for Karaga has announced that, Ghana’s Growth continues to exceed our expectations as he reported 4.7 percent growth rate recorded for first quarter of 2024 exceeds the revised target of 3.1 percent.
He also said the headlined Inflation has declined from about 53 percent to 22.8 percent by June, 2024-a reduction of 31 percentage points since December 2022, “confirms the target threshold of +/-2 of 15 percent by end 2024 is possible”.
The minister also noted that, the exchange rate has largely stabilized, compared to December, 2022, despite the recent pressures, “the 18.6 percent depreciation rate to the US Dollar as of June 2024, represents an improvement over the 22.0 percent recorded for the same period last year”.
Presenting the 2024 mid-year fiscal policy review to parliament, the Finance minister mentioned the fact, “the last two years, the Government has embarked on a number of decisive measures to get us back on the path of fiscal consolidation, economic stability and growth. I am happy to note that these policies that we have implemented are yielding the expected results”.
Ghana’s Gross International Reserves reached 3.1 months of import as at end June 2024 against 2.5 months of imports in the same period last year.
