Finance Minister Kenneth Nana Yaw Ofori-Atta has announced that for the first time in history, Ghana is expected to cross a GDP of 1 trillion Ghana Cedis.
He made the revelation during the presentation of the 2024 Budget Statement and Economic Policy in the House of Parliament Wednesday, November 15, 2023.
“Mr. Speaker, the 2024 Budget is even more significant because we will cross the GH¢1 trillion Gross Domestic Product (GDP) mark for the first time in our economic history. Let me repeat, Mr. Speaker, Ghana’s economy under President Akufo-Addo’s final year in office is projected to be valued over GH¢1 trillion in 2024 from the GH¢219.5 billion in 2016,” he read to the House.
According to the Finance Minister, “with such a milestone ahead of us, Government is protecting, at all cost, the foundation for sustained economic expansion.
“A foundation that has been achieved through the sweat and patience of the Ghanaian people. We pledge to protect this for all our people and especially for private sector growth.”
The Minister further assured of the government’s plans to put things in place to make the enabling factors accessible for all.
These, he said, include “reliable energy supply, stable Cedi, lower inflation and lower interest rate regimes, access to private sector credit, infrastructure provision, food security, national security, and inter-continental market linkages through increasing active platforms such as the AfCFTA.”
He explained that the Budget was prepared with stakeholder consultation, as well as taking into account feedback from citizens who raised concerns over various aspects of the economy in previous years.
“Consequently, we engaged with and obtained valuable inputs from key stakeholders, including investors, traders, academia, organised labour, civil society organisations, bankers, development partners, faith-based organisations, and a cross-section of the leadership and other honourable Members of Parliament,” he read from portions of the Budget statement.
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