The Ministry of Finance says the economy is still robust as seen in its rapid rebound post-COVID-19 which shows a healthy Gross Domestic Product (GDP) of 6.6% for the third quarter as well as an average of 5.2% for the three quarters of 2021.
The Ministry said while the end year growth targets last year had been revised to four-point-four percent, the high-frequency indicators suggest a continued strong momentum in economic activities.
A statement by the Public Relations Unit of the Ministry in response to a Bloomberg article which portrayed the fundamentals of the Ghanaian economy as weak in view of the country’s rising debt said the economy remains strong despite the global challenges on the back of the Covid-19 pandemic, especially in emerging markets with risks such as financial stress and sluggish progress on vaccination as recently cited by the World Bank.
The Ministry through the statement reassured investors that Ghana’s fundamentals remain strong as attested to by the growth recorded in December with the Ghana Revenue Authority exceeding its target in 2021.
According to the Ministry, Ghana will continue to show leadership in the difficult post COVID era to build a sustainable, entrepreneurial nation while ensuring that growth, job creation and fiscal consolidation are not compromised, in line with the President’s vision of a Ghana Beyond Aid.
The Ministry described the Bloomberg article on Ghana’s debt as factually inaccurate as the country’s provisional nominal debt to GDP, as at the end of November 2021 was seventy-eight-point-four per cent, which represents the latest available data.