Ghana's Finance Minister has raised the country's growth forecast for 2024, stating that the West African nation is recovering faster than expected from its worst economic crisis in a generation.
Mohammed Amin Adam told Parliament during a mid-year budget presentation that Ghana had "reversed negative trends" and that all indicators appeared better, citing the positive impact of debt restructuring and reforms.
The world's second-largest cocoa producer restructured its $30 billion debt to recover from the crisis.
Adam stated that economic growth is now estimated at 3.1% in 2024, up from the previous forecast of 2.8%.
"Growth continues to exceed our expectations," he said, adding that inflation was decreasing and that an inflation target of 15% was possible by the end of the year, down from 22.8% in June.
"It is clear that we are on the right track. The economy is rebounding stronger than expected," he stated.