By: Hamza Lansah Lolly
Renowned economists continue to attribute Ghana’s economic stability and growth to robust measures taken under the erstwhile Akufo-Addo government led by its Finance Minister, Dr. Mohammed Amin Adam.
Ghana’s economy grew 5.3% between January-March 2025, a fastest pace since the third quarter of last year. The uptick in growth was largely fuelled by robust performance in the services sector, which remains the backbone of the Ghanaian economy, and a notable rebound in agriculture. Again, the performance of the cedi against the US dollar since in March brings some respite to the Ghanaian economy. The Cedi was named the world’s best-performing currency in April by Bloomberg,
According to Fitch Ratings on Monday, 16 June 2025, Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) has been upgraded to ‘B-‘ from ‘Restricted Default’ (RD). This upgrade follows the country’s successful restructuring of a significant portion of its external commercial debt, specifically $13.1 billion in Eurobonds in October 2024. Fitch has also assigned a ‘Stable’ outlook to the rating.
The World Bank in its 2024 Economic Update, said Ghana’s economy was on track to improve, with progress in addressing macroeconomic imbalances and restoring fiscal and debt sustainability.
The World Bank report that, Ghana’s GDP growth in 2024 is expected to be 5.7%, a significant increase from 3.1% in 2023, driven by improvements in the external sector. It added that, the country has seen ‘steady progress’ in the past year towards economic stabilisation though challenges remain.
The report attributed what it described as a “modest recovery” in the Ghanaian economy to a firm monetary policy stance, comprehensive debt restructuring, and a series of structural reforms to support long-term growth in 2024.
“The economic growth we are experiencing now is as a result of bold and painstaking decision taken by former Finance Minister, Dr. Amin Adam and his team at the finance Ministry”. An economist at the Finance Ministry hinted
“When you look at where he (Amin Adam) took the affairs of the Finance Ministry, there were serious issues in the Ghanaian economy. The Ghanaian economic outlook was gloomy amidst huge debts and global shocks. In September 2024, despite global challenges and debts restructuring programme, Ghana achieved remarkable economic recovery with a real GDP growth averaging 5.8% for the first half of 2024, significantly higher than the 2.9% recorded in the same period in 2023”.
The Ghanaian economist who wants to remain anonymous, said the 2024 GDP growth of 5.8% was supported by a 4.8% expansion in the economy in first quarter 2024 and 6.9% in second quarter, 2024.
“The statistics I’m giving you are releases from the Ghana Statistical Service in September 2024”. He hinted
He said, “Looking at where we came from, 2021-2023 with enormous economic challenges due to several factors including COVID-19, Russia-Ukraine war, So much has happen between September 2024 to March 2025, and we must be honest and give credit where credit is due. Dr. Adam Amin did great in turning the economy of Ghana around and so what we are seeing now is his accomplishments as Finance Minister”.
He posited that, “We couldn’t have achieved a growth of 5,3%, appreciation of the cedi against the dollar without a robustly economy inherited by the NDC government”.
An economist and Ghanaian businessman, Sayibu Mashood said, the debt restructuring programme and other economic policies under taken by the Akufo-Addo government is the reality of a strong cedi and stable economy today.”
Mr Mashood believed that, the current managers of the Ghanaian economy led by the Finance Minister Cassiel Ato Forson is doing things right in consolidating the economic gains made under his predecessors, Ken Ofori-Atta and Dr.Amin Adam. “And that’s the way to go, governance is continuity”. He added
The former finance Minister, Dr. Mohammed Amin Adam after the December elections, said, the Akufo-Addo government is handing over a strong economy to the NDC government.
In a statement issued on 17 December, 2024, Mr. Amin said despite significant global and domestic challenges, Ghana has achieved a remarkable economic stability.
“Despite the challenges we faced between 2021 and 2022, the economy has rebounded strongly, exceeding expectations.” He stated
The President John Dramani Mahama some few weeks ago admited inheriting $8,9 billion from the Akufo-Addo government which surge to $10.6 billion by April, 2025. A result that led to the performance of the local currency.