Finance Minister, Dr. Mohammed Amin Adam, has assured that the country’s economic environment remains stable, with signs of positive growth emerging.
According to him, the government has implemented key structural reforms that have tamed inflation, reduced the country’s debt and boosted investor confidence, despite external shocks that run down several economies.
Ghana’s economy has been faced with its toughest challenges in decades, characterised by high inflation which peaked at a 22-year high of 54.1 per cent in 2022.
Unstable currency, high interest rates, slow economic growth and an unsustainable public debt left untold hardships that even caused foreign companies to withdraw their services from the country.
But with the programme with the International Monetary Fund (IMF) the economic has seen growth in all sectors, he said at a to=wnhall meeting in Accra on Tuesday July 6.
Earlier, Dr Amin Adam has said that the Ghanaian economy faced challenges and suffered unforeseen shocks like many other economies.
However, he said they remain resilient.
He indicated that the government’s efforts at restoring the economy are paying off, with growth proving more resilient than initially expected.
“Our economy is at a pivotal juncture, and it is imperative that we work together to ensure sustainable growth and prosperity for all. This meeting is a testament to our commitment to transparency, inclusivity, and shared responsibility in shaping our economic
policies.
“Today, we will discuss key strategies and policies that will impact our economy. We aim to address current economic issues and explore innovative solutions through your inputs. Your insights and feedback are invaluable, and I encourage open and constructive
dialogue throughout our discussions,” he said while speaking at a stakeholders’ engagement on the 2024 budget implementation with bankers.
He added “We are living in a time of rapid change and uncertainty, but also of great potential. By leveraging our collective expertise and resources, we can create a resilient and dynamic economy that benefits every citizen. This requires us to be bold in our vision, pragmatic in our approach, and united in our efforts. To that end, Ladies and Gentlemen, the Government has set its sights on creating a viable SME ecosystem that ensures businesses with high-growth potential are given the technical capacity and financing support to scale and rapidly create impact.”
Dr Amin Adam further stated that the government envisions SMEs being the cornerstone of the economic renaissance and will look to realise this ambition with the launch of the SME Growth and Opportunity Programme next Tuesday 16th of July.
The Banks, he said, will be absolutely crucial to this initiative.
“The Development Bank Ghana as part of the programme is looking to channel close to GHS 1.4 billion through the financial sector for onward lending to viable SMEs. Development partners such as the IFC are also looking to structure a $400 million package to complement this financial support and ensure we can close the financing gap for our SMEs over the medium term.”
