The government is accelerating the distribution of over $1 billion by development partners to support economic growth.
This is one of the steps being implemented by the administration before the end of the year to improve the country’s macroeconomic progress.
Dr. Mohammed Amin Adam, Finance Minister, highlights the cedi’s relative stability, lower inflation, and falling interest rates as good indications of economic recovery, which must be preserved by strong fiscal measures.
Dr Amin-Adam, speaking at the opening of the 3i Africa conference, stated that the acceleration will also provide a suitable climate for the financial sector’s growth.
“The government is also implementing measures on the fiscal side including the acceleration of disbursement of $1 billion by our development partners between now and December ending to support the economy.”
“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”, the Minister added.
Dr. Mohammed Amin Adam, also underscored the need for collective action and strategic partnerships to fully harness the potential of financial technology.
“Realising the full potential of fintech in effecting substantive change necessitate concerted efforts and strategic alliances among various stakeholders including governments, regulatory bodies, financial institutions, technology firms and civil society organisations.”
“We must also transcend national boundaries and forge strategic partnerships spanning sectors industries and jurisdictions to make meaningful progress,” he stated.
