Ghana’s Minister of Finance, Dr. Mohammed Amin Adam, has announced that the country’s economy is moving towards stability, citing robust economic progress and strong recovery as key factors.

Speaking at a press conference following the Spring Meetings in Washington on Sunday, April 21, 2024, Dr. Adam emphasised the significant improvement in Ghana’s economic indicators.

The Karaga MP noted that the primary deficit, which stood at 4.3% of the Gross Domestic Product (GDP) at the end of 2022, had decreased substantially.

By the end of 2023, Dr. Adam highlighted that the primary deficit had reduced to a mere 0.3%, marking a remarkable four-percentage point decrease.

He expressed optimism, anticipating a surplus of 0.5% of GDP by the end of the current year, with further growth to reach 1.5% of GDP by the following year.

Dr. Adam underscored the positive trajectory of Ghana’s economy, attributing it to the government’s efforts in implementing sound economic policies and fostering an environment conducive to growth.

He also credited the resilience and hard work of Ghanaians for contributing to the country’s economic recovery.

“For example, the primary deficit by the end of 2022 was 4.3% of GDP. By the end of 2023, the primary deficit had reduced to just 0.3% which is about 4 percentage point decline in the primary deficit. We are expecting to end this year with a surplus of 0.5% of GDP and then next year to 1.5% of GDP.”

“And so Progress is good, recovery is strong, and we are heading very quickly to stabilisation which is what we need to generate growth,” he said.