The previous New Patriotic Party’s (NPP) government’s debt-to-GDP ratio was lowered at the end of 2024, and Minister of Finance Dr. Cassiel Ato Forson hailed the notable GDP growth.
Ghana’s actual Gross Domestic Product (GDP) grew significantly in 2024, according to the Finance Minister, who presented the 2025 budget statement and government economic policy to Parliament yesterday. The Statistical Service of Ghana confirmed this progress on Monday.
At the end of 2024, Ghana’s GDP grew at a pace of 5.7, exceeding the budgeted 3.1 percent growth rate, according to the Statistical Service.
Despite ongoing domestic and international issues, the economy demonstrated significant resilience, according to Dr. Ato Forson, generating higher-than-expected growth.
“Ghana’s real GDP growth in 2024 was remarkable, exceeding projections and demonstrating our economy’s capacity for recovery,” Dr. Ato Forson stated.
The impressive rise, the finance minister stated, is a testament to the success of the several economic measures that have been put in place over the previous 12 months.
However, he acknowledged the impact of illicit small-scale mining, or “galamsey,” on the economy and stated the opinion that some of the rise was due to the money made from this activity.
Additionally, Dr. Ato Forson recognized Ghana’s better debt-to-GDP ratio under the previous administration at the end of the previous year.
At 61.7%, Ghana’s debt-to-GDP ratio has considerably improved.
Source: newsthemegh.com