Dr Mohammed Amin Adam, Minister of Finance, has called on the investor community to support Ghana to speed up the recovery of its economy, which is seeing a rebound.
Ghana’s Gross Domestic Product (GDP) growth was 2.9 per cent in 2023, outperforming the 1.5 per cent projection under the ongoing International Monetary Fund (IMF) programme.
“Inflation is trending downwards from the 54 per cent in 2022 to 25 per cent today and it is expected to go to 15 per cent by the end of the year and the interest rate has also gone down,” he said.
The Minister noted that, those, together with the government’s commitment to remain fiscally prudent despite 2024 being an election year, made it favourable for investors to invest in the economy to speed up recovery.
Dr Amin Adam was speaking with some Rand Merchant Bank Investors on the margins of the 2024 African Development Bank (AfDB) Annual Meetings in Nairobi, Kenya.
He said the government had stepped up measures to ease the country’s business climate, adding that “the growth we are looking at requires sustainable investment and that is why we continue to count on your esteemed partnership.”
The Finance Minister said the government had initiated deliberate programmes to support the Small and Medium Enterprises (SMEs), which he said were crucial in creating employment and contributing significantly to the country’s GDP.
The support systems, he said, included access to finance, market opportunities, digital marketing and managerial expertise.
The Minister was joined by the second Deputy Governor of the Bank of Ghana, Mrs Elsie Addo Awadzi, as well as some officials of the Ministry of Finance, and the Ghana Investment Infrastructure Fund.
Weeks ago, the government instituted a new monthly stakeholder dialogue with both local and foreign businesses to fast-track the processes of doing business in Ghana more conducive.
The initiative is to ensure that the concerns of both local and foreign businesses in the country are addressed to make them thrive and contribute more to revenue generation to the government through the payment of appropriate taxes.
