Business News of Friday, 24 May 2024Source: www.ghanaweb.comGhana’s economic future is ‘bright’ – Finance Minister

Finance Minister Dr. Mohammed Amin Adam has expressed positive optimism about Ghana’s economic prospects with him labelling the future as ‘bright’.

Addressing the nation at a press briefing on May 24 regarding the economic climate, he urged all parties involved to unite in fortifying the current positive trends and to guarantee that Ghana’s economy is on a path of enduring growth and prosperity.

“We want to increase growth from the current 2.9% to 5% in the medium term. We want to reduce inflation from the current 25% to eight plus or minus two percent in 2025.

“We want to improve the balance at the primary balance on commitment from a deficit of 0.3% of GDP in 2023, to a surplus of 1.5% in 2025. We want to increase the tax-to-GDP ratio from the current 14% to 18% in the medium term,” he said.

The finance minister projected that by 2028, the government will have completely reinstated fiscal sustainability and will also augment the gross international reserves to span at least 4.5 months of import coverage in the medium term.

Despite prevailing hurdles, Dr. Amin Adam believes that Ghana’s economic forecast is positive, with the government dedicated to enacting policies that will cement long-term fiscal stability and expansion.

“Thus, ladies and gentlemen, the outlook for the medium term is optimistic. It is indeed favorable.

“We must all collaborate and persistently back the government’s initiatives. This is our government, and this is our nation. We won’t find superior opportunities elsewhere. We must forge these prospects right here for ourselves, our offspring, and the generations to follow,” he concluded.