Akufo-Addo administration grows economy by $20bn

The Ghanaian economy has grown by $20 billion under the Akufo-Addo/Bawumia administration as of December 2023, according to Finance Minister Dr. Mohammed Amin Adam.
During a Greater Accra Regional Town Hall meeting, Dr. Amin Adam highlighted that the economy, which was $56 billion in 2016, has increased to $76 billion, compared to $64 billion in 2013 under the Mahama administration.
Dr. Amin Adam credited this economic growth to tough decisions made amidst global crises, such as the COVID-19 pandemic and the Russia-Ukraine war.
He emphasized that the economy is now “turning the corner” due to measures like the Domestic Debt Exchange Programme (DDP), which saw 95% participation by local bondholders, and negotiations with external bilateral creditors that resulted in $2.8 billion in debt service relief.
Consequently, Ghana has been granted a grace period until 2026 to repay its debt at a lower interest rate.
The Finance Minister also highlighted the administration’s achievements in trade, noting a $3.4 billion trade surplus in 2023 compared to a $1.8 billion trade deficit in 2016 under the previous government.
He discussed the government’s success in reducing inflation from 54% in 2022 to 22% by June 2023, with a target to bring it down to 15% by the end of the year and single digits by 2025 if re-elected.
Dr. Amin Adam attributed the rise in inflation to global economic challenges rather than economic mismanagement, citing the Russia-Ukraine conflict and the COVID-19 pandemic.
He also pointed to increased exports resulting from the ‘One District, One Factory’ initiative, with 169 factories currently operational.
Minister of Information Ms. Fatimatu Abubakar, who also spoke at the event, announced that similar town hall meetings would be held across all 16 regions of Ghana until November.
These meetings aim to provide a platform for regional ministers, chief executives, and sector ministers to address public questions and feedback, which will help shape future government policies and programs