The Minister for Finance, Dr Cassiel Ato Forson, has acknowledged significant GDP growth, and debt to GDP ratio recorded under the previous government at the end of 2024.
In his first budget presentation to Parliament on Tuesday, 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%.
In his address to Parliament, Dr Forson stated the above development, echoing that 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 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’, which he acknowledged 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 65.7%.
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