Ghana’s economy is charting a course of recovery and resilience, President Nana Addo Dankwa Akufo-Addo announced during the commissioning of The Bank Square, the new headquarters of the Bank of Ghana, on November 20, 2024.
Speaking to an audience of financial experts, policymakers, and international guests, the President shared compelling economic data that underscores the progress being made under his administration.
“Recent data from the Bank of Ghana paints a picture of resilience and promise,” President Akufo-Addo declared. He highlighted that Ghana’s provisional GDP growth reached an impressive 6.9% in the second quarter of 2024. This growth, driven by robust performances across construction, industry, agriculture, consumer demand, and tourism, demonstrates the dynamism of the Ghanaian economy. Non-oil GDP growth of 7.0% further reinforces the strength of the nation’s economic fundamentals.
One of the most notable achievements, the President said, is the sharp reduction in inflation. From a staggering 54.1% in 2022, inflation has dropped to 22.1% as of October 2024, thanks to the effective monetary policies implemented by the Bank of Ghana. This progress has brought relief to households and businesses, renewing confidence in the economic stability of the country.
On the external front, Ghana recorded a trade surplus of $2.78 billion, buoyed by robust gold and crude oil exports. The nation’s international reserves stand at $7.5 billion, providing a critical buffer against external shocks. President Akufo-Addo attributed these achievements to the prudent stewardship of the Bank of Ghana, emphasizing its indispensable role in navigating global uncertainties and fostering economic growth.
“These achievements reflect the Bank’s unalloyed commitment to sound monetary and financial policies,” he stated. The President noted that the downward trend in inflation, coupled with reducing prices of food and petroleum products, signals a brighter economic future.
The President also emphasized the broader impact of these gains, including improved confidence among investors and enhanced opportunities for domestic and international stakeholders. He called on Ghanaians to remain optimistic and united in their pursuit of inclusive and sustained growth.
As Ghana consolidates its economic progress, The Bank Square stands as a symbol of the nation’s aspirations. President Akufo-Addo expressed hope that the new headquarters would further strengthen the Bank of Ghana’s capacity to advance reforms, enhance financial stability, and contribute to a prosperous future.
“This recovery is not merely statistical; it is felt in the improved lives of Ghanaians,” the President affirmed, concluding his remarks with a call to action to continue the collective effort to build an economy that leaves no one behind.
