Ghana's Finance Minister, Dr Mohammed Amin Adam, has delivered optimistic news about the country's economic trajectory, highlighting resilient growth and positive indicators during the first quarter of 2024.

Speaking at a press briefing on Monday, Dr Adam underscored the robustness of Ghana's economic recovery, noting that growth has surpassed initial projections.

He attributed this strong performance to ongoing stability in the macroeconomic environment, supported by the government's steadfast adherence to the IMF-supported program.

Industry emerged as a frontrunner in driving economic growth, achieving a notable 6.8% increase, followed by agriculture at 4.1% and services at 3.3%. Dr Adam highlighted that these sectoral performances contributed to Ghana's highest GDP growth rate since the fourth quarter of 2020.

The Finance Minister reiterated the government's commitment to sustaining macroeconomic stability and fostering sustainable growth.

He emphasized that the IMF's approval of the second review of Ghana’s US$3 billion, 36-month Extended Credit Facility (ECF) Arrangement in May 2023 was pivotal. This approval facilitated an immediate disbursement of approximately $360 million, bringing Ghana's total disbursements under the arrangement to about $1.6 billion.

Dr Adam further announced that the third tranche of the IMF's disbursement, amounting to $360 million, was expected to be received on Monday, July 1, 2024. This financial injection underscores international confidence in Ghana's economic reforms and governance.

Looking ahead, Dr Adam expressed confidence in Ghana's economic prospects for the remainder of the year, citing the positive momentum observed in various sectors. He affirmed the government's dedication to enhancing economic policies that support inclusive growth and development across the country.