The government is establishing a strong basis for long-term economic growth and national prosperity through strategic investment, good monetary policy, responsible budgetary management, and successful structural reforms, according to Finance Minister Dr. Cassiel Ato Forson.
The first half of 2025 has shown the government’s dedication to economic recovery, the Finance Minister said Thursday, July 24, when presenting the 2025 Mid-Year Budget Review.
The government’s macroeconomic goals were restated by the minister in the 2025 Economic Policy and Budget Statement, which was delivered in March 2025.
“To put the assessment of the economy in the first half of 2025 in a proper perspective, it will be useful to restate the ambitious, yet attainable, macroeconomic targets we set for ourselves,” he said.
He added the following goals: a primary balance on a commitment basis at a surplus of 1.5% of GDP; a non-oil real GDP growth of at least 4.8%; an end-of-year inflation rate of 11.9%; and gross international reserves that cover at least three months’ worth of imports.
Speaking about the Real Sector Performance, Dr. Forson stated that Ghana’s economy showed strong growth in spite of the world economy’s uncertainties.
He pointed out that the economy grew by 5.3% in the first quarter of 2025, the most since 2020, compared to 4.9% in the same time in 2024.
With an astounding 6.6% gain, over three times the growth in the first quarter of 2024, he revealed that the agriculture sector was the main driver of this expansion.
He underlined that 26.4% of the total growth in the first quarter came from the expansion of the agriculture sector. At 16.4%, the fisheries subsector experienced the highest growth.
With information and communication technology (ICT) driving the sector’s growth at 13.1%, the finance minister revealed that the services sector, which accounts for the largest portion of the economy at 46.8%, grew by 5.9% and contributed 47.9% to the first quarter’s overall growth.
However, the first quarter of 2025 saw a 3.4% rise in the Industry sector, which accounted for 20.6% of the total first-quarter growth. Manufacturing also reported a strong 6.6% gain.
“It is expected that with the introduction of the 24-Hour Economy Policy, the Big Push Programme and the Agriculture for Economic Transformation Programme, the GDP growth will be sustained and possibly exceed the targeted rate of 4% for 2025,” Dr. Forson reiterated.
He said the number is the highest since 2018 and noted that non-oil GDP growth also increased significantly, rising 6.8% in the first quarter of 2025 as opposed to 4.3% in the same time in 2024.
Source: newsthemegh.com