The government is expediting the allocation of nearly $1 billion from development partners to fortify the country’s economic expansion, as part of a series of initiatives set to reinforce macroeconomic advancement by year-end.
Finance Minister, Dr. Mohammed Amin Adam, highlighted the relative stability of the cedi, reduced inflation rates, and declining interest rates as positive signs of economic recuperation that necessitate robust fiscal strategies to sustain.
Addressing attendees at the inauguration of the 3i Africa summit, Dr. Amin-Adam emphasized that the accelerated disbursement aims to create an enabling environment for the financial sector’s expansion.
“The government is also implementing measures on the fiscal side including the acceleration of disbursement of $1 billion by our development partners between now and December ending to support the economy.”
“Ghana’s economic rebound has been quite swift with economic growth ending the year 2023 at 2.9% against a target of 1.5%, inflation heading towards the year-end target of 15%, and interest rates declining. Despite recent pressures on our currency, the cedi’s depreciation year-to-date of 12% is far lower than its depreciation of 27% in the same period last year,” the Minister elaborated.
Dr. Mohammed Amin Adam stressed the imperative for collaborative efforts and strategic alliances to fully leverage financial technology’s potential.
“Realising the full potential of fintech in effecting substantive change necessitate concerted efforts and strategic alliances among various stakeholders including governments, regulatory bodies, financial institutions, technology firms and civil society organisations.”
“We must also transcend national boundaries and forge strategic partnerships spanning sectors industries and jurisdictions to make meaningful progress,” he added.
Source: www.ghanaweb.live
