Economy outperforming IMF projection – Amin Adam

The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, has expressed confidence in the economic performance of the country, highlighting that the economy is surpassing the projections set forth by the International Monetary Fund (IMF).

In an interview with Citi TV on its Point of View programme on, October 11, 2023, Dr. Amin Adam shared a series of economic indicators that painted a positive picture of the country’s economic progress.

“The IMF actually projected that we would grow at 1.5% this year, and if half into the year we are already growing at 3.2%, with some of the recovery policies yet to mature, it’s indicative of the fact that by the end of the year, we should be doing far more than what the IMF projected. And that is a great sign of recovery,” Dr. Amin Adam stated.

Beyond the growth figures, the Minister of State emphasised a significant reduction in inflation, which has decelerated from a substantial 54% in December 2022 to a more manageable level of approximately 40%.

This notable shift, he said underscores the government’s commitment to steering the economy back onto the path of prosperity.

“Inflation which is a very important indicator for attracting investments and for improving domestic investment has also been decelerating from 54% in December 2022 to date. It is about 40% and it’s going to continue because 40% is still high and so we will expect that this disinflationary path we have been following will continue until we reach a single-digit inflation by 2028 as per the IMF programme,” he added.

These economic indicators in addition to the stabilization of the cedi against its major trading partners according to Dr. Amin Adams show that the country’s economy is performing even better than what the IMF had projected for the year.

He expressed optimism in the potential for a strong economic recovery in the coming months.

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