The country’s economy is exhibiting robust signs of recovery following the successful implementation of a debt restructuring programme, according to Finance Minister Dr. Mohammed Amin Adam.

This optimistic development coincides with the IMF Board's approval of the second review of the USD3 billion programme, resulting in an immediate disbursement of GHS360 million to Ghana, raising total disbursements to USD1.56 billion.

During a joint press conference with the IMF on Monday, 1 July 2024, Dr. Amin Adam presented several promising economic indicators, emphasising the significant progress made.

The Finance Minister revealed that the 2024 GDP growth rate of 4.7 per cent is the highest since the fourth quarter of 2020.

“The economy continues to show strong signs of recovery, particularly in Quarter 1 of 2024; the results were remarkable. Overall real GDP growth for Q1 2024 was 4.7 per cent, the highest since Q1 2022,” Dr. Amin Adam stated.

Highlighting the impressive growth figures across various sectors, he noted: “This growth performance is better than the 3.1 per cent growth recorded in the same period in 2023. Industry grew the most at 6.8 per cent, followed by agriculture at 4.1 per cent and services at 3.3 per cent.”

Dr. Amin Adam expressed particular optimism about the resurgence of the industrial sector.

“The 2024 GDP growth rate is the highest since Q4 of 2020. The growth in industry is particularly interesting; in the past, growth came largely from services and, to some extent, agriculture. The industry did not perform well. So, if we are beginning to see the industry performing well, it tells us that the real recovery is here,” he explained.

The Finance Minister underscored the broader implications of this growth for the country.

“Manufacturing is going to grow continuously, and that will mean more jobs being created for the Ghanaian people, more wealth being created for the Ghanaian people, and therefore we have turned the corner, as we have said over and over,” Dr. Amin Adam asserted.