Dr. Mohammed Amin Adam, the Finance Minister, has said the positive indicators of the economy for the first quarter of 2024 suggest a favourable outlook for the state for the rest of the year.
He says the indices of the economy depict formidable signs of a comeback, saying the country’s growth was more resilient and robust than projected.
At a media brief with journalists Monday, July 01, 2024, the Minister stated he is hopeful of a stable macro-economy as government continues to implement the IMF programme.
“Growth, as we’ve heard from the previous two distinguished speakers, is proving to be more resilient and robust than initially programmed, and the economy continues to show strong signs of recovery, particularly in the first quarter of 2024.
“The results were remarkable. Overall real GDP growth for quarter one 2024 was 4.7%, the highest since quarter one of 2022. This growth performance is better than the 3.1% growth recorded in the same period in 2023,” he stated.
He highlighted the growth in the respective sectors of the economy indicating significant improvements as industry led the growth at 6.8%, followed by agriculture at 4.1%, and services at 3.3%.
Dr Adam noted that the 2024 Quarter 1 GDP growth rate is the highest since quarter four of 2020.
This announcement follows the completion of the IMF Executive Board’s second review of Ghana’s US$3 billion, 36-month Extended Credit Facility (ECF) Arrangement.
Approved back in May 2023, this review was a critical checkpoint for the country.
The completion of this review meant an immediate disbursement of roughly $360 million, bringing Ghana’s total disbursements under the arrangement to about $1.6 billion.
The Finance Minister confirmed that the third tranche of the IMF’s 360 million dollar release is expected to hit Ghana’s account today, Monday, July 1, 2024. According to the IMF, Ghana’s performance under the programme has been generally strong.
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