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Ghana’s GDP grew by 2.9% in 2023 – Amin Adam

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Ghana’s Gross Domestic Product (GDP) grew by 2.9 percent in 2023, this is according to the Minister of Finance, Dr Mohammed Amin Adam.

This surpassed the World Bank’s projected 1.5% and the revised projection of 2.3% for the year under review.

Speaking at the Ministry of Finance’s monthly briefing on Friday, May 24, Dr Amin Adam said the growth is expected to average 5% in the medium-term.

“Growth turned out to be more resilient and robust in 2023 than initially programmed as GDP grew by 2.9% compared to the original projection of 1.5% and the revised projection of 2.3%. We expect growth to continue its upward trajectory to average 5% in the medium term as we implement our growth strategy under the PC-PEG, supported by the revival of Ghana’s industrialization drive, modernization of agriculture with a focus on value-addition to create economic and employment opportunities, and SME growth and financing.”

He also disclosed that the country’s international reserves are improving with $6.2 billion.

“Gross International Reserves (GIR) is improving and now stands at $6.2 billion covering 2.7 months of import cover at the end of February 2024 compared to $5.9 billion in the corresponding period of 2022.

“GIR is expected to improve to cover at least 4.4 months of import cover in the medium-term to be supported by external inflows from the IMF and World Bank, the government’s Gold-for-Oil Programme, the BoG’s Gold for Reserves programme, as well as the Cocoa Syndicated Funds.”

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