Economy to hit GH¢1 trillion next year
Ken Ofori-Atta, Finance Minister

Economy to hit GH¢1 trillion next year

Ghana's economy under President Akufo-Addo's final year in office is projected to be valued over GH¢1 trillion in 2024 from the GH¢219.5 billion in 2016, the Minister of Finance, Ken Ofori Atta has said. 

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That would be the first time in the country’s economic history to cross the GH¢1 trillion Gross Domestic Product (GDP) mark. 

Mr Ofori Atta who announced this when he presented the 2024 Budget statement to parliament today (Wednesday), said that achievement was possible. 

“A key lesson from this leap since 2017 is for us to eschew unfounded pessimism. 

“We have shown that it is possible. We should be collectively proud of ourselves and the can-do-spirit of our people. We have proven that a lot more is possible, if we stay the course and believe in a future of immense possibilities,” he said. 

The 2024 Budget, nicknamed “nkunim” (victory) spelt out the government’s interventions for social protection, job creation and tax reduction measures.

Mr Ofori Atta said despite a tough economic situation since 2021, the economy was now showing signs of recovery and improvement. 

“I want to stress at this juncture that Ghana is back on track,” he said. 

Atmosphere 

Mr Ofori Atta, wearing his signature white kaftan, slowly delivered the government's fiscal policy, revenue measures, and expenditure priorities for the next year, detailing how the government intends to rake in more revenue domestically without further burdening the taxpayer and measures to address the country’s debt position. 

However, the atmosphere in house was tense as some members of the opposition booed and heckled him, while supporters of the government cheered occasionally in response.

Sitting in the public gallery were some national executives of the ruling New Patriotic Party (NPP), including the its Chairman Stephen Ntim. The Chief of Staff of the Office of the President, Akosua Frema Opare Osie and Senior Presidential Advisor, Yaw Osafo Marfo were also present. 

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