In a recent economic update, Ghana’s Finance Minister, Dr. Mohammed Amin Adam, assured investors that the country’s restructured bonds are showing strong signs of recovery, with full bond recovery expected within one to two years. He emphasized that the economic rebound was a result of deliberate policies, and encouraged confidence in the economy, noting that Ghana had successfully stayed the course with its IMF program despite external shocks.
Dr. Adam also discussed the government’s fiscal plans, including the submission of advance appropriation expenditure for the first quarter of 2025 to Parliament, aligning with the country’s fiscal consolidation and economic recovery goals. He highlighted significant international support for Ghana’s economic strategy, particularly the successful completion of the IMF’s third review of the US$3 billion Extended Credit Facility (ECF) program, unlocking US$360 million in disbursements.
Despite some challenges, particularly with World Bank funding delays due to parliamentary impasses, Dr. Adam reported strong economic growth, with Ghana’s real GDP growing by 6.9% in Q2 2024. He also pointed to the government’s structural reforms in public financial management, revenue optimization, and social protection aimed at stabilizing the economy and addressing vulnerabilities exposed by the pandemic.
While risks remain—especially related to election uncertainties, energy sector issues, and debt management—the minister reaffirmed the government’s commitment to achieving fiscal objectives and managing the economy responsibly.
