Minister commences restoration of macroeconomic stability and debt sustainability

The Minister of Finance has announced plans to restore Ghana’s macroeconomic stability and debt sustainability to put the economy on a proper footing to begin the second half of the year ending 31st December 2024.

The Minister is convinced that through the collective effort, the Government will deliver its common objective of restoring macroeconomic stability, debt sustainability, and promote stronger and more inclusive growth whilst protecting the poor and vulnerable in the society.

Dr. Mohammed Amin Adam told the Press in Accra that, “the medium-term is bright and we call on all stakeholders to continue to work with us as we strive to, among others: Increase growth from the current 2.9% to 5% in the medium-term.

He also promised further reduction in inflation from the current 25.0% to 8±2% by the year 2025 and improve the primary balance on a commitment basis from a deficit of 0.3% of GDP in 2023 to a surplus of 1.5% by 2025.

Dr. Amin Adam is on a mission to update Ghanaians on the economy through the monthly press briefing the Ministry instituted in March 2024 as part of measures to enhance transparency and accountability in Ghanaian economic management under his administration also talked about increasing the tax-to-GDP ratio from the current 14% to 18% in the medium-term and to fully restore debt sustainability by the year, 2028.

He promised to improve Gross International Reserves to cover not less than 4.5 months of import cover in the medium term.

“We are collectively making to restore macro-economic stability and we remain thankful for the forbearance and partnership of Ghanaians” but “we know that significant risks exist.
Raising extra revenue to coincide with emerging critical security and election-related expenditures”.

This he said is likely to intensify the prevailing Budget pressures.