Ghana’s Economy Set To Surpass GH¢1 Trillion Milestone By 2024, Finance Minister Announces
With these plans in motion, Ghana’s economy is poised to achieve significant growth and deliver tangible benefits to its citizens.
In an address to parliament on Wednesday, Ghana’s Finance Minister, Ken Ofori-Atta, revealed that the country’s economy is projected to surpass GH¢1 trillion in 2024.
This milestone represents a significant increase from the economic value of GH¢219.5 billion in 2016.
Ofori-Atta emphasized the importance of the 2024 Budget, stating that it marks the first time in Ghana’s economic history that the Gross Domestic Product (GDP) will cross the GH¢1 trillion mark. The Finance Minister expressed his commitment to protecting the foundation of sustained economic expansion, attributing this achievement to the efforts and patience of the Ghanaian people.
To ensure continued economic growth, Ofori-Atta outlined several key factors that the government will prioritize.
These include reliable energy supply, a stable Cedi, lower inflation and interest rates, increased access to private sector credit, infrastructure development, food security, national security, and inter-continental market linkages through initiatives like the African Continental Free Trade Area (AfCFTA).
In light of recent challenges such as the Akosombo spillage and floods in the Oti, Savannah, and Bono-East Regions, the government has allocated GH¢220 million to support the relief phase for affected communities.
The Finance Minister also announced plans for the restoration phase, where additional resources from the Ministry of Agriculture will help rebuild livelihoods.
To address the immediate impact of the crises, Ofori-Atta mentioned proactive measures taken by the government.
These include requesting funding from the World Bank’s International Development Association Crisis Response Window (IDA CRW) to support resettlement of victims, restoration of livelihoods, compensation, and reconstruction of infrastructure in the affected communities.
With these plans in motion, Ghana’s economy is poised to achieve significant growth and deliver tangible benefits to its citizens.
Source: Vincent Kubi
