NPP leaves behind resilient economy for Mahama – Finance Minister

Outgoing Finance Minister Dr. Mohammed Amin Adam has given a final assessment of the economy, painting a picture of resilience and recovery.

Speaking to journalists in Accra, on Tuesday, December 17, 2024, he expressed confidence that the NPP is handing over a much stronger economy than they inherited.

“We are handing over a strong economy,” he stated. According to the finance minister, the hard work done to navigate tough times both at home and globally will pay off.

He pointed to some key wins as follows:

• More Money in the Bank: Ghana’s international reserves have grown to $8 billion, enough to cover 3.5 months of imports – a significant jump from the $6.2 billion they started with in 2016.
• Economy Bouncing Back: The economy has been growing at a healthy pace, averaging 6.3% in 2024, with some quarters even exceeding 7%. This is a big improvement from the 3.4% average growth in 2016.
• Prices Starting to Cool: Inflation, which hit a high of 54% in late 2022, has been brought down to 23% as of November 2024, showing that efforts to stabilize prices are paying off.
• Debt Under Control: The country’s debt has actually decreased recently, and the government is confident they’re on track to bring it down further.
• Businesses Getting Loans Again: After a tough period, businesses are finding it easier to access credit, with a significant increase in lending.
• Trade is Booming: Ghana is selling more than it’s buying, resulting in a healthy surplus.

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While acknowledging that challenges like inflation still exist, Dr. Amin Adam emphasized that things are much better than they were when the NPP took office. He dismissed claims that the country is “broke” as political rhetoric.

His message to the incoming Mahama administration was clear: ”We hope the incoming government will continue with the policies we have implemented to sustain this recovery and ensure that Ghana’s debt sustainability targets are met,” he opined.

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