Ghanaian Economy Grows by $20 Billion Under Akufo-Addo/Bawumia Administration

The Minister of Finance, Dr. Mohammed Amin Adam, has announced that the Ghanaian economy has grown by $20 billion under the Akufo-Addo/Bawumia Administration as of December 2023. Speaking at the Greater Accra Regional Town Hall meeting on Tuesday, Dr. Amin Adam highlighted the significant economic achievements made by the current government despite global challenges.

In his address, Dr. Amin Adam explained that in 2013, under former President Mahama’s administration, the size of the Ghanaian economy was valued at $64 billion. However, by the end of 2016, this figure had decreased to $56 billion. Under the leadership of President Akufo-Addo, the economy has seen a substantial increase, reaching $76 billion by the end of 2023. "In nominal terms, the economy has grown by $20 billion under Akufo-Addo’s government," he stated.

The Minister attributed this growth to the tough economic decisions taken by the government amid the global economic crises brought on by the COVID-19 pandemic and the Russia-Ukraine war. These measures, he said, are yielding positive results, with the economy now "turning the corner."

One of the significant steps highlighted by Dr. Amin Adam was the Domestic Debt Exchange Programme (DDP), which achieved 95% participation by local bondholders. Additionally, the government negotiated with external bilateral creditors, securing $2.8 billion in debt service relief. As a result, Ghana has been given a grace period until 2026 to repay its debt at a reduced interest rate.

Dr. Amin Adam also pointed to the $3.4 billion trade surplus recorded in 2023, a stark contrast to the $1.8 billion trade deficit seen under the Mahama-led government in 2016. This surplus is a testament to the government's effective economic policies and trade strategies.

The event, organized by the Ministry of Information in collaboration with the Regional Coordinating Council, aimed to showcase the government's infrastructural projects and social interventions in the Greater Accra Region. It provided a platform for the 29 District, Municipal, and Metropolitan Assemblies (MMDAs) to exhibit key projects implemented from 2017 to date.

During the town hall meeting, journalists and the public had the opportunity to ask questions and seek clarifications from government officials. Addressing inflation, Dr. Amin Adam noted a significant reduction from 54% in 2022 to 22% as of June this year. He projected that by the end of the year, inflation would decrease further to 15%, with hopes of achieving single-digit inflation by 2025 if the administration is re-elected in the upcoming December 7 election.

The Minister attributed the surge in inflation to the global economic challenges posed by the Russia-Ukraine conflict and the COVID-19 pandemic, dismissing claims of economic mismanagement. He emphasized the positive impact of the ‘One District, One Factory’ initiative, which has seen the establishment of 169 operational factories, boosting exports.

In her welcome remarks, the Minister of Information, Ms. Fatimatu Abubakar, announced that town hall meetings would be held across all 16 regions of the country until November. These events will provide a platform for regional ministers, CEOs of various assemblies, and sector ministers to address public concerns and receive feedback to shape future government policies and programs.