Minister of Finance, Hon. Mohammed Amin Adam, has defended the nation’s economic performance, attributing the recorded 0.5% growth rate in 2020 to external factors rather than poor government performance.
Speaking at the Regional Townhall Meeting and Exhibitions hosted by the Ministry of Information at GNAT Hall today, Hon. Adam addressed the economic challenges and achievements under his government since taking power in 2017.
The event featured prominent speakers, including the Greater Accra Regional Minister, Hon. Daniel Nii Kwartei Titus Glover, and the Minister of Information, Hon. Fatimatu Abubakar.
In his speech, Hon. Adam highlighted the government’s economic progress prior to the COVID-19 pandemic.
“Before COVID-19, this economy was growing at an average annual growth rate of 7%. In 2017, we grew at 8.1%, up from 3.4% in 2016. In 2018, we grew at 6.2%, and in 2019, at 6.5%. However, in 2020, at the height of COVID-19, we grew at 0.5%. This significant drop was due to the pandemic’s shock, not poor economic performance,” he stated.
Hon. Adam emphasized the swift recovery post-pandemic, attributing it to effective government policies. “In 2021, we saw a rapid recovery because of the policies the government implemented.”
Addressing critics who dismiss the impact of external factors like COVID-19 and the Russia-Ukraine war on the economy, Hon. Adam remarked, “How can you assess the performance of the economy without considering external factors, especially in a small open economy heavily dependent on external economies? Global inflation affects us.”
