Ghana Is Set To End 2024 With 15% Inflation- Dr. Amin Adam

In a recent address, Ghana’s Finance Minister, Dr Mohammed Amin Adam, expressed optimism about the country’s economic prospects, citing the government’s pragmatic policies as the key to turning the economy around.

The minister’s remarks come at a time when global economic shocks have heightened macroeconomic instability in Africa, resulting in high debt levels.

According to Dr.  Amin Adam, Africa’s debt-to-GDP ratio currently stands at a staggering 66%, a figure that is higher than that of other continents.

Despite this challenge, the Finance Minister remains positive about Ghana’s economic performance, projecting a significant reduction in inflation rates.

Ghana’s economy ended 2023 with a growth rate of 2.9%, surpassing the target of 1.5%.

Inflation has also been brought under control, with the rate halving in just 12 months from 54% to 25% by April this year.

The Finance Minister has a strong feeling  that Ghana will continue to make progress, with a projected inflation rate of 15% by the end of 2024 and a single-digit inflation by 2027.

The Finance Minister’s comments come ahead of the 2025 Africa Prosperity Dialogues, which will focus on “Delivering Africa’s Prosperity through Infrastructure. Invest, Integrate, Connect.”

The event, scheduled to take place in January 2025 in Ghana, aims to bring together experts and stakeholders to discuss ways to drive economic growth and development in Africa.

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The theme of the dialogues is particularly relevant given the critical role that infrastructure plays in driving economic growth and development.

By investing in infrastructure, connecting markets and economies, and integrating regional and global trade networks, Africa can unlock its full economic potential and drive prosperity for its citizens.

Dr. Adam, his  assessment of Ghana’s economic prospects suggests that the government’s pragmatic policies are paying off, and the country is determined for continued growth and stability.

The Finance Minister’s confidence in Ghana’s economic prospects is likely to be welcomed by investors and businesses alike, and may help to attract further investment into the country.

Overall, Dr. Adam’s remarks emphasizes the importance of pragmatic policy-making in driving economic growth and development.

By implementing effective policies that address the challenges facing the economy, Ghana can continue to build on its recent progress and achieve its long-term development goals.

In related news, Ghana has recently taken steps to boost its economic competitiveness by reducing bureaucracy and streamlining business processes.

The government has also launched initiatives to promote entrepreneurship and innovation, as well as to attract foreign investment into key sectors such as manufacturing and technology.

As the Finance Minister prepares for the 2025 Africa Prosperity Dialogues, it will be interesting to see how Ghana continues to implement its economic strategy and whether it can build on its recent progress.

One thing is clear, however – Ghana’s commitment to pragmatic policy-making and its focus on driving economic growth and development are likely to be key factors in determining its future success.

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