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Mahama says economy to grow by 5%

August 22, 2016 12:13 PM

Mahama was speaking on Friday at the 15 Edition of the Ghana Club 100 awards ceremony organized by the Ghana Investment Promotion Centre.

Ghana's President John Dramani Mahama arrives for a meeting with France's President at the Elysee Palace in Paris, France May 28, 2013.

President John Mahama has said that the economy will grow above five percent by the end of 2016 and inflation reduced to single digit due to prudent management.

"Indeed growth in the first quarter of this year increased to 4.9% and growth is expected at the end of this year to exceed the five percent mark. And it is our hope that we will progress to about eight percent by the end of next year," Mahama said on Friday.

"Inflation has begun to fall and it is our expectation that we will end this year about 14% and achieve single digit inflation next year."

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The president had earlier said at a campaign launch in the Central Region that the nation will come out of the International Monetary Fund programme with a robust economy.

“We’ll come out of the IMF programme with inflation at single digit, a deficit of GDP [Gross Domestic Product] below 3 percent and debt to GDP [ratio] below 60 percent, a stable currency and significantly lower interest rate," he said.