The Centre for Policy and Economic Analysis (CePPEA) has praised Minister for Finance Dr. Mohammed Amin Adam for his skilled management of Ghana’s economy during challenging global conditions.
Speaking at a media briefing, CePPEA Executive Director Julius Gyimah commended the Minister’s strategic fiscal policies that have stabilized and positioned the economy for sustainable growth.
Despite global uncertainties and COVID-19’s lingering effects, Ghana’s growth rate has surged, driven by industrial expansion and strategic investments in agriculture and technology.
“The continuous growth is a testament to the Finance Minister’s effective strategies and commitment to economic resilience,” Mr Gyimah said.
He highlighted the impressive completion of Ghana’s bilateral and multilateral debt exchanges, which relieved a substantial debt burden and restored investor confidence.
“Successfully negotiating our debt exchanges has signalled to the international community that Ghana is a reliable and prudent financial partner,” Mr Gyimah noted.
A key highlight of the Finance Minister’s mid-year review was the absence of requests for additional funding or a supplementary budget, even in an election year.
Mr Gyimah described this as “commendable,” noting that many economies experience fiscal indiscipline during elections.
“It is refreshing to see the government committed to maintaining fiscal discipline,” he said.
Additionally, government refrained from introducing new taxes or increasing existing ones, easing the financial burden on citizens and businesses.
“The decision not to introduce new taxes is a relief to many Ghanaians,” Gyimah remarked, emphasizing a balanced approach to revenue generation through efficiency and broadening the tax base.
The government also reviewed its expenditure downward to optimize spending and ensure efficient resource utilisation.
“The downward review of expenditure is a commendable move highlighting government’s commitment to fiscal responsibility,” Gyimah added.
In light of these achievements, CePPEA expressed confidence in the Finance Ministry’s ability to navigate economic challenges, anticipating further positive developments as Ghana continues its path to economic recovery and growth.
