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Finance Minister Dr. Mohammed Amin Adam has asserted that the New Patriotic Party (NPP) government is handing over a robust economy as it prepares for the transition to the newly elected administration of John Dramani Mahama.



In a press briefing held in Accra on December 17, 2024, Dr. Amin Adam highlighted significant economic recovery and resilience, despite facing various global and domestic challenges in recent years. 



“We are handing over a strong economy,” he declared, emphasizing the impressive performance during the first term of the NPP.



Dr. Amin Adam pointed to key achievements, noting that the first four years of the administration recorded the longest period of single-digit inflation, an average GDP growth rate of 7%, and strong external balances. 



He acknowledged the difficulties faced between 2021 and 2022 but assured that the economy has rebounded more swiftly than anticipated.



He reported that Ghana’s Gross International Reserves currently stand at $8 billion, providing 3.5 months of import cover—an improvement over the $6.2 billion reserves inherited from the National Democratic Congress (NDC) in 2016. “The growth trajectory has returned to pre-COVID levels,” he stated.



Dr. Amin Adam detailed the growth rates for 2024, with the first quarter seeing a 4.8% increase, followed by 7% in the second quarter and 7.2% in the third, averaging 6.3%. 



He contrasted this with the 3.4% average growth rate inherited in 2016.



The Minister also noted a significant recovery in private sector credit, which reached 28.7% growth in October 2024, a stark reversal from the contraction of 7.5% in the same period the previous year. 



“In real terms, private sector credit grew by 5.5% compared to a contraction of 31.6% last year,” he explained.



On the external economy, he highlighted a trade balance surplus of $3.85 billion and a current account surplus of 2.6% of GDP for the first nine months of 2024, marking significant improvements from the deficits recorded in 2016.



Addressing concerns about inflation, Dr. Amin Adam acknowledged that while headline inflation remains high at 23% as of November 2024—down from a peak of 54% in December 2022—government measures have stabilized prices and alleviated hardship for Ghanaians.



Regarding public debt, he announced a reduction of the total public debt stock by GH₵46.8 billion, lowering it from GH₵807.79 billion in September 2024 to GH₵761.01 billion in October 2024. 



This has reduced the debt-to-GDP ratio from 79.2% to 74.6%, with a goal of further reduction to 55% in net present value terms for long-term sustainability.



Dr. Amin Adam dismissed claims that Ghana is financially broke, calling such assertions “propaganda.” 



He reinforced that the country’s economic fundamentals are stronger than when the NPP took office in 2016. 







He expressed hope that the incoming administration will continue the policies implemented by the current government to sustain economic recovery and ensure debt sustainability.

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We’re Handing Over A Strong Economy To The Next Gov’t- Finance Minister

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AUTHOR: Perpetual Tweneboah Koduah

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