Minister for Finance Dr Cassiel Ato Forson has acknowledged significant GDP growth, and reduced debt to GDP ratio recorded under the previous New Patriotic Party (NPP) government at the end of 2024.
Presenting the 2025 budget statement and economic policy of government to Parliament yesterday, the Finance Minister said Ghana’s real Gross Domestic Product (GDP) recorded significant growth in 2024, a development the Statistical Service of Ghana confirmed on Monday.
The Statistical Service announced Ghana’s GDP growth rate had exceeded expectations, with a 5.7 growth rate at the end of 2024, which exceeded the budget projection of 3.1.
Dr. Ato Forson stated the economy showed strong resilience, posting higher-than-expected growth despite prevailing global and domestic challenges.
“Ghana’s real GDP growth in 2024 was remarkable, exceeding projections and demonstrating our economy’s capacity for recovery,” said Dr. Ato Forson.
The Finance Minister added noted that the remarkable growth, reflects the effectiveness of various economic policies implemented over the past year.
He however, expressed the view that aspects of the growth included proceeds from illegal small-scale mining, commonly known as ‘galamsey, acknowledging its impact on the economy.
Dr. Ato Forson also acknowledged Ghana’s improved debt to GDP ratio at the end of last year under the previous government.
Ghana’s debt to GDP ratio significantly improved to 61.7%.
