Economy Responding to Gov’t Interventions- Finance Ministry

The Ministry of Finance has asserted that recent economic growth announced by the Ghana Statistical Service (GSS) reflects the effectiveness of the government’s interventions for economic recovery.

According to the Ministry, the data shows Ghana is prevailing economically amid global challenges and the impact of the debt restructuring.

“The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG),” it said in a press statement.

“Given that Ghana completed its domestic debt restructuring programme in 2023 and is currently in the process of completing its external debt restructuring programme, the growth performance for the first half-year of 2024 is much higher than growth recorded by countries which have undergone similar debt restructuring programmes in the past. A case in point is Jamaica which recorded average real GDP growth of 1%-2% for about a decade post its debt restructuring.”

The Ministry further assured of the government’s commitment towards economic stability to facilitate inclusive growth.

“It is expected that the implementation of government’s growth strategy including the Planting for Food and Jobs Phase 2 Programme, the SME Growth and Opportunity Programme, the 1 District 1 Factory Programme, the Economic Enclave Programme under the Ghana CARES Programme will further consolidate the gains we are making in economic recovery to improve the living conditions of the Ghanaian people.”

Statistics released by the GSS on September 18 showed economic growth at 6.9% in the second quarter of 2024 under the sponsorship of growth in the industrial, agricultural and the service sectors.

The 6.9% growth is the highest quarterly GDP growth recorded in the past 5 years.

Source:opemsuo.com