During a Town Hall meeting organized by the Ministry of Information in Accra on Tuesday, Dr. Adam highlighted that this economic growth coincided with a drop in inflation, from 54% in 2022 to 22% by June 2024.
Reflecting on past figures, he noted that under the Mahama administration, the economy was valued at $64 billion in 2013, which then decreased to $56 billion by 2016. In comparison, by 2023, the Ghanaian economy had reached $76 billion, signifying a $20 billion increase under President Akufo-Addo's government.
Dr. Adam attributed this growth to the government's tough economic decisions during global crises like the COVID-19 pandemic and the Russia-Ukraine war. One such decision was the Domestic Debt Exchange Programme (DDP), which saw 95% participation from local bondholders.
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| Dr. Adam - Finance Minister |
Additionally, Dr. Adam reported a $3.4 billion trade surplus in 2023, a stark contrast to the $1.8 billion trade deficit recorded in 2016 under Mahama's administration. He emphasized the impact of the government’s policies on inflation, which dropped from 54% in 2022 to 22% by mid-2024, with projections to reduce it further to 15% by the end of the year and potentially to single digits by 2025 if re-elected.
In her welcome address, Minister of Information Ms. Fatimatu Abubakar mentioned that similar town hall meetings would be held across all 16 regions of Ghana until November. These events aim to provide a platform for regional ministers, CEOs of various assemblies, and sector ministers to engage with the public and gather feedback to inform future government policies and programs.
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