Ken Ofori-Atta
Ken Ofori-Atta

Ghana’s economy to surpass GH¢1 trillion in 2024 - Ofori-Atta

The Minister of Finance, Ken Ofori-Atta says Ghana’s economy is anticipated to surpass GH¢1 trillion in 2024.

He said during President Akufo-Addo’s final year in office, the country’s economic value is projected to escalate from GH¢219.5 billion in 2016 to the historic milestone of GH¢1 trillion.

“Mr. Speaker, the 2024 Budget is even more significant because we will cross the GH¢1 trillion Gross Domestic Product (GDP) mark for the first time in our economic history. Let me repeat, 

Mr. Speaker, Ghana’s economy under President Akufo-Addo’s final year in office is projected to be valued at over GH¢1 trillion in 2024 from GH¢219.5 billion in 2016", he said.

He said this while presenting the 2024 budget statement in Parliament on Wednesday, November 15.

“Mr. Speaker, with such a milestone ahead of us, the Government is protecting, at all cost, the foundation for sustained economic expansion. A foundation that has been achieved through the sweat and patience of the Ghanaian people. We pledge to protect this for all our people and especially for private sector growth. And we shall do so by ensuring that the enabling factors are in place and accessible to all.

Mr Ofori-Atta also said the government has worked to restore Ghana's economy on the path of growth that will create more jobs.

According to him, the prompt deployment of strong fiscal and monetary policy measures since the last year as well as in the first half of 2023 largely accounts for the continued economic recovery that is being experienced.

“So far, growth in 2023 has been more resilient than expected, inflation has declined in line with the fundamentals, the fiscal and external balances have improved, and the exchange rate has stabilised,” he said when he delivered the 2024 budget statement in the House on Wednesday, November 15.

He further stated that the Akufo-Addo administration is poised to “maintain stability and keep growing  and ensure increased growth, currency stability.

“We turned the corner when inflation started declining from 54 1 in December to 35.2 in October 2023, he added.

“The recovery is indeed real and is here to stay,” he further assured.

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