Finance Minister Signals Optimism on Surpassing IMF’s 4% GDP Forecast for 2024

Dr. Amin Adam suggested that investments made by Government in key sectors such as agriculture, rural infrastructure, tourism, and ICT would bolster the nation’s growth momentum.

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Finance Minister Dr. Mohammed Amin Adam has voiced confidence in Ghana’s economic trajectory following the IMF’s upward revision of the nation’s 2024 GDP growth projection to 4% from an earlier estimate of 3.1%.

Speaking at a press briefing after the conclusion of the IMF/World Bank Annual Meetings, Dr. Amin Adam highlighted Ghana’s substantial economic recovery gains this year, attributing the IMF’s optimistic adjustment to these improvements.

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Dr. Amin Adam suggested that investments made by Government in key sectors such as agriculture, rural infrastructure, tourism, and ICT would bolster the nation’s growth momentum.

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“We are not surprised by the Fund’s revision to 4%, given our investments in agriculture, rural infrastructure, tourism, and ICT, many of which are set to mature by year-end,” he stated, also emphasizing the significant investments made in SMEs as well.

The Finance Minister further conveyed optimism that these developments might lead to Ghana outperforming the IMF’s revised 4% GDP growth forecast for 2024.

Director of the African Department at the International Monetary Fund (IMF), Abebe Selassie, at the just-ended IMF/World Bank Annual Meetings made some clarifications pertaining to the end-2024 gross domestic product (GDP) growth rates projection for Ghana.

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An IMF Mission led by Stéphane Roudet to undertake the second review of Ghana’s $3bn IMF Programme in July to enable the country to gain access to the third tranche of the loan facility, had revised Ghana’s GDP growth rate forecast from 2.8% to 3.1% by the end of 2024.

However, current data provided by the IMF at the IMF/World Bank Annual Meetings forecasts a 4% GDP growth rate for Ghana at the end of the 2024 fiscal year based on updated projections by the Fund.

“The 3.1% GDP growth forecast was submitted by IMF Mission to Accra in mid to late August as per the deadlines given by the IMF submission of data which was mid-October where we have done updates on the projections. And so as it stands now our projections for Ghana’s growth rate at end-2024 is 4%,” Mr Selassie remarked, speaking during a press briefing on Friday, October 25.

According to the IMF African Director, the upward adjustment of the GDP growth for Ghana at end-2024 is attributed to the reforms Ghana is implementing under the IMF programme, which are significantly aiding its economic recovery.

Source:norvanreports.com

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