Govt is accelerating disbursements of $1bn by development partners from now to Dec. – Amin Adam

Finance Minister Dr Mohammed Amin Adam has stated that the Government is accelerating disbursements of almost $1 billion by the development partners between now and December this year to support the economy.

This forms part of the measures the government is implementing on the fiscal side including, he said.

Dr Amin Adam was speaking during the opening ceremony of the 2024 3i Summit in Accra on Monday May 13.

“As we convene at the 3i Africa Summit in Ghana, it is incumbent on us to acknowledge the remarkable strides that Ghana has made in nurturing a vibrant fintech ecosystem. Ghana’s fintech sector boasts of a diverse array of startups, accelerators and regulatory initiatives, solidifying our position as a frontrunner in fintech innovation across the continent.

“I commend the Bank of Ghana for being proactive in establishing a regulatory framework conducive to fintech innovation, exemplified by initiatives such as the Payment Systems and Services Act, Act 987 and establishing a Fintech and Innovation Office. These efforts affirm our commitment to fostering innovation while safeguarding consumer interests
and preserving financial stability.

“I want to take this opportunity also to acknowledge the many incubators across Ghana, including the Ghana Tech Lab and MEST Africa, that provide invaluable support to fintech entrepreneurs through mentorship, financial backing, and networking opportunities.”

He further stated that the rate of the depreciation of the Cedi has slowed this year compared to last year.

Despite recent pressures on the local currency, he said, the cedi’s depreciation year-to-date of 12% is far lower than its depreciation of 27% in the same period last year.

“For this reason, Ghana’s economic rebound has been quite swift with economic growth ending the year 2023 at 2.9% against a target of 1.5%, inflation heading towards the year-end target of 15%, and interest rates declining. Despite recent pressures on our currency, the cedi’s depreciation year-to-date of 12% is far lower than its depreciation of 27% in
the same period last year,” he said