Ghana's Finance Minister, Ken Ofori-Atta, has projected that the country's economy will surpass GH¢1 trillion in 2024. This milestone is expected to be achieved during President Akufo-Addo's final year in office. Ofori-Atta emphasized the significance of this achievement during his address to parliament, highlighting the immense growth that Ghana's economy has undergone in recent years.
Background
In 2016, Ghana's economic value stood at GH¢219.5 billion. However, with sustained economic expansion and the implementation of various policies, the country is poised to reach the historic GH¢1 trillion mark in 2024. This growth is a testament to the hard work and resilience of the Ghanaian people, and the government is committed to protecting this foundation for further development.
Enabling Factors for Private Sector Growth
To ensure continued economic expansion, the government is focused on providing enabling factors for private sector growth. These factors include reliable energy supply, a stable currency (the Cedi), lower inflation and interest rates, improved access to credit for the private sector, infrastructure development, food security, national security, and increased market linkages through initiatives such as the African Continental Free Trade Area (AfCFTA).
Support for Communities Affected by Natural Disasters
In addition to driving economic growth, the government is also dedicated to supporting communities affected by natural disasters. Ofori-Atta announced that GH¢220 million has been allocated to support the relief phase for communities impacted by the Akosombo spillage and floods in the Oti, Savannah, and Bono-East Regions. This funding will provide immediate assistance to those affected and help rebuild livelihoods.
Restoration Phase and Proactive Measures
Looking ahead, the government plans to enter the restoration phase, where additional resources from the Ministry of Agriculture will aid in rebuilding communities and supporting affected individuals. The Ministry of Finance has also taken proactive measures by requesting funding from the World Bank under the IDA Crisis Response Window (CRW). This funding will be used for resettlement efforts, livelihood restoration, compensation for victims, and infrastructure reconstruction in the affected communities.
Summary
The projected growth of Ghana's economy to over GH¢1 trillion in 2024 is a significant milestone that showcases the country's progress and potential. The government's commitment to protecting this foundation for sustained economic expansion, along with its efforts to support communities affected by natural disasters, reflects its dedication to the well-being and prosperity of all Ghanaians. With a clear vision and strategic initiatives in place, Ghana is poised for continued economic growth and development in the years to come.
-By Monica Bellew | Mydailyreports24
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