Ghana's economy Archives - Wontumi Online

17 Dec

We Are Handing Over A Strong Economy – Finance Minister

wontumionlineBusinessAmin Adam, Ghana's economy

Finance Minister, Dr. Mohammed Amin Adam has expressed confidence in the state of Ghana’s economy as the New Patriotic Party (NPP) prepares to hand over to the newly elected administration of John Dramani Mahama. Speaking to journalists in Accra on Tuesday, December 17, 2024, Dr. Amin Adam emphasized the resilience and recovery of Ghana’s economy despite recent global and domestic challenges. “We are handing over a strong economy,” he stated. “The first four years of this administration were marked by impressive achievements, including the longest period of single-digit inflation, an average GDP growth rate of 7%, and strong external balances.…

26 Nov

Ghana’s Economy Has Recovered Strongly – Amin Adam

wontumionlineBusinessAmin Adam, Ghana's economy

Finance Minister, Dr. Mohammed Amin Adams, has announced that the nation’s economy has fully rebounded from recent challenges. Speaking at a rally in Saboba in the Northern Region, Dr. Amin Adams highlighted Ghana’s impressive economic recovery, revealing that the country exceeded its 2023 growth target of 2.8% and continues to make significant strides in 2024. “Our economy has bounced back to life after the difficulties of the past three years,” he stated. “Macroeconomic stability is rapidly returning, and the signs are clear for everyone to see.” Dr. Amin Adams underscored the nation’s strong growth trajectory, saying, “Last year, we were…

01 Oct

Ghana’s Economy To Rise To 3-Year High Of 5.5% – Fitch Solutions

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Fitch Solutions is forecasting an economic growth in Ghana to rise from 2.9% in 2023 to a three-year high of 5.5% in 2024. The latest data from the Ghana Statistical Service shows that the economy expanded by a strong 6.9% year-on-year in quarter 2, 2024, building on the solid 4.8% recorded in quarter one. According to the UK-based firm, the growth acceleration in quarter 2, 2024 was largely driven by stronger industrial output buoyed by mining and quarrying, as well as a continuing recovery in the construction sector. In expenditure terms, stronger growth in quarter 2, 2024 was bolstered by…

14 Aug

Ghana’s Economy Showing Signs Of Recovery And Resilience – Standard Bank

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Jibran Qureishi, Head of Africa Regions, Economics Research at Standard Bank, has expressed optimism over Ghana’s economic indicators following the presentation of the Mid-Year Budget Review to the Parliament of Ghana. Mr. Qureishi said this when he shared insights on the Mid-Year Budget Review with clients and customers of Stanbic Bank Ghana. According to Jibran Qureishi, “Ghana, like many other nations, is emerging from the twin shocks of the COVID-19 pandemic and the Russia-Ukraine crisis, which have significantly impacted global inflation expectations and economic stability. However, despite these challenges, Ghana is showcasing resilience and a promising path to recovery.” “Countries…

25 Jun

Ghana’s Economy Is Set To Astonish The World This Year – Finance Minister

wontumionlineBusinessAmin Adam, Ghana's economy

Finance Minister, Dr. Mohammed Amin Adam, has announced that the country’s economy is undergoing a robust rebound after enduring significant challenges over the past two years. He noted that, all key indicators are trending positively and are expected to improve further. Speaking at a UK Town Hall meeting on Saturday, June 22, Dr Amin Adam emphasized that even international institutions like the IMF and the World Bank are astonished by Ghana’s economic recovery. “This year our economy is going to surprise the whole world. I can tell you that this economy is rebounding strongly. We are rebounding strongly, and it…

10 Apr

Fitch Predicts Recovery Of Ghana’s Economy In 2024

wontumionlineBusinessGhana's economy

Fitch, a leading rating agency, has predicted a rebound in Ghana’s economy for the current year, fueled by anticipated government spending hikes typical of election years, coupled with strengthened private consumption. Concerns have been raised regarding potential budget overshoots during election years, risking the gains achieved under the IMF program. However, Fitch suggests that increased government spending could propel the economy towards recovery. The agency projects that heightened government expenditure, particularly in the run-up to the December 2024 general elections, will play a significant role in stimulating economic growth. Moreover, Fitch anticipates a moderation in inflation due to statistical base…

08 Apr

Ghana’s Economy Is Improving – BoG Governor

wontumionlineBusinessBoG, Ghana's economy

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has declared that Ghana’s economy is on an upward trajectory compared to previous years. Previously, the economy had experienced a downturn, prompting the government to seek a $3 billion International Monetary Fund (IMF) bailout. However, during his address to the Public Accounts Committee of Parliament on Monday, April 8, 2024, Dr. Addison attributed the economic recovery to various factors, including the augmentation of foreign exchange reserves. He expressed appreciation to Parliament for authorising the addition of $300 million to Ghana’s reserves, a measure aimed at strengthening the economy. “For…

20 Mar

Ghana’s Economy Expanded By 2.9% In 2023

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Latest data from the Ghana Statistical Service indicates that the cumulative growth of the economy stood at 2.9 percent in 2023. This is a 0.9 percentage points drop from the 3.8 percent recorded in 2022 but higher than the government’s revised target of 1.5 percent for the period under review. The fourth quarter also expanded by 3.8 percent. This was the highest for the four quarters of the year 2023. The annual growth was largely dominated by the service sector which recorded an annual rate of 5.5 percent. The growth rate for the industry sector, however, contracted. In more than…

29 Jun

Economy: Things Are Getting Better And Will Get Better; I Can Assure You – Akufo-Addo

wontumionlineBusinessGhana's economy, President Nana Addo Dankwa Akufo-Addo

The country is seeing stability in the strength of the local currency against the major trading ones, President Nana Addo Dankwa Akufo-Addo has said. Also, he added, fuel prices have been stabilized due to initiatives such as the Gold for Ol programme. In his Eid al Adha message on Wednesday, June 28, the President said “I will be remiss if I do not talk about the economic difficulties that beset our country in the wake of the Covid-19 pandemic whose effects have been exacerbated by the Russian invasion of Ukraine. Even so, this government has continued to stand by its…

29 Jun

We’re Working To Restore The Economy – Akufo-Addo

wontumionlineBusinessGhana's economy, President Nana Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has given yet another assurance that the economy will be back to full recovery soon. He said the government is working tirelessly to make this possible. “I said at the height of the Covid-19 pandemic that we do not know how to bring back lives, but we know how to bring back an economy. I stand by those words,” he said. “Insha Allah, we are working to restore the economy to full health, and, Insha Allah, we shall do so.” President Akufo-Addo gave this assurance while addressing thousands of Muslims at the Black Star Square…