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Ghana’s economy is expected to surpass GH1 trillion by 2024 – Ofori-Atta

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When the Finance Minister praised Ghana's economic success in his midyear budget review in July, he drew significant criticism.

According to Finance Minister Ken Ofori-Atta, Ghana’s economy will reach GH1 trillion by 2024.

He indicated that the country’s economic worth is expected to rise from GH219.5 billion in 2016 to the record level of GH1 trillion during President Akufo-Addo’s final year in office.

Mr. Speaker, the 2024 Budget is even more noteworthy because we will cross the GH1 trillion Gross Domestic Product (GDP) milestone for the first time in our economic history,” Ofori-Atta said in a speech to parliament on Wednesday. Mr. Speaker, let me reiterate that Ghana’s economy in President Akufo-Addo’s final year in office is expected to be worth more than GH1 trillion in 2024, up from GH219.5 billion in 2016.

“Mr Speaker, with such a milestone ahead of us, the Government is protecting, at all costs, the foundation for sustained economic expansion. A foundation that has been achieved through the sweat and patience of the Ghanaian people. We pledge to protect this for all our people and especially for private sector growth. And we shall do so by ensuring that the enabling factors are in place and accessible to all.

“These will include reliable energy supply, stable Cedi, lower inflation and lower interest rate regimes, access to private sector credit, infrastructure provision, food security, national security, and inter-continental market linkages through increasing active platforms such as the AfCFTA.”

The Finance Minister also stated that the government has set aside GH220 million to assist communities in the Oti, Savannah, and Bono-East Regions impacted by the Akosombo spillage and floods.

He presented plans for the restoration phase, in which more funding from the Ministry of Agriculture will help with livelihood reconstruction.

In reaction to the crises, Ofori-Atta emphasised preventative actions, saying, “Mr Speaker, the Government has budgeted an amount of GH¢220 million to support the relief phase for the communities affected by the Akosombo spillage as well as floods upstream in the Oti, Savannah, and Bono-East Regions. For the restoration phase, the Government through the Ministry of Agriculture will allocate additional resources to support the restoration of livelihoods.

“In addition, after the visit, the Ministry of Finance was quickened to respond. We have requested funding from the World Bank under the IDA Crisis Response Window (CRW) to support the resettlement of the victims, restoration of livelihoods, compensation and reconstruction of infrastructure in the affected communities.”

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The traumatic experience of a Ghanaian bisexual

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According to him, these attacks have become more intense this year as a result of Ghana's parliament passing anti-LGBTQ+ legislation. Ibrahim was attacked just as arguments around the passing of the Human Sexual Rights and Family Values Bill heated up, and he was attacked again shortly after the bill was passed in February. The first incident happened on January 22nd, about 5 p.m., near the Sen Cinema Mosque in Alajo North, Accra. Ibrahim was the target of another violent attack four months later, on April 12, 2024, during the 3music Sallafest Concert at Alajo T Junction in Accra.

A Ghanaian man, using the alias Ibrahim for safety concerns, has boldly told his tragic story of being repeatedly assaulted in his community because of his sexual orientation.

Ibrahim, a Muslim, has described being targeted several times by assailants in his community over the years.

According to him, these attacks have become more intense this year as a result of Ghana’s parliament passing anti-LGBTQ+ legislation.

Ibrahim was attacked just as arguments around the passing of the Human Sexual Rights and Family Values Bill heated up, and he was attacked again shortly after the bill was passed in February.

The first incident happened on January 22nd, at about 5 p.m., near the Sen Cinema Mosque in Alajo North, Accra.

Ibrahim was the target of another violent attack four months later, on April 12, 2024, during the 3music Sallafest Concert at Alajo T Junction in Accra.

Ibrahim claims that the assaults were motivated by his sexual orientation, which had previously gone unnoticed in his society.

Ibrahim has resorted to secluding himself within for protection since he lives in constant fear of additional attacks.

He laments the absence of a support network in his village, with just a few understanding people living outside its borders.

However, the dread of repercussions keeps him from finding consolation or company outside of his close environs.

In an exclusive interview, Ibrahim described his terrible sense of loneliness and the psychological toll of the ongoing danger of violence.

He must navigate his everyday existence beneath the shadow of dread, unable to freely interact with the world around him for fear of serious bodily damage.

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Power interruptions damage our enterprises; release dumsor schedule – GUTA

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GUTA is asking answers from ECG about the true reasons of the unpredictable power outages, measures to resolve the issue, and a deadline for resolution. They also requested ECG to publish a timeframe for load-shedding so that companies may organise their activities appropriately. Because of the unpredictability of power outages, many shop owners have turned to generators, which has resulted in rising fuel costs to keep them operating during outages.

The Ghana Union of Traders’ Associations (GUTA) has joined demands for the Electricity Company of Ghana (ECG) to produce a load-shedding schedule, citing the persistent power outages that are badly impacting companies and livelihoods across the nation.

GUTA issued a statement emphasising the considerable impact of the power outages on many sectors, including agriculture, trade, and industry.

According to them, firms are struggling to meet production schedules and prepare for their personnel as a result of the irregular power supply, which raises production costs and degrades living conditions.

Traders, store owners, wholesalers, tailors, dressmakers, electricians, and other artists are also suffering business losses as a result of the “Dumsor phenomenon.”

GUTA is asking for answers from ECG about the true reasons of the unpredictable power outages, measures to resolve the issue, and a deadline for resolution.

They also requested ECG to publish a timeframe for load-shedding so that companies may organise their activities appropriately.

Because of the unpredictability of power outages, many shop owners have turned to generators, which has resulted in rising fuel costs to keep them operating during outages.

Click here to read the statement

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The Foreign Affairs Ministry cautions against travelling to Northern Mali

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"The Ministry remains committed to the safety of Ghanaians and will provide updates on the security situation in the region under reference in due course," the statement went on to say. The Foreign Affairs Ministry reminded the people to always prioritise their safety when travelling.

The Ministry of Foreign Affairs and Regional Integration has advised Ghanaians not to travel to certain areas of Northern Mali.

In an official statement, the Ministry underlined recent security concerns along critical routes connecting Mali and Niger, notably in the Gao and Ansongo regions of Northern Mali.

The Ministry mentioned incidents of terrorist activity targeting travellers along these routes.

“The Ministry remains committed to the safety of Ghanaians and will provide updates on the security situation in the region under reference in due course,” the statement went on to say.

The Foreign Affairs Ministry reminded the people to always prioritise their safety when travelling.

Find the statement below:

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