Dr. Mohammed Amin Adam, the Minister of Finance, has reiterated his assurance to the public regarding a promising economic recovery.
He further underscored that inflation has significantly decreased in recent months, indicating a positive trajectory for the economy’s recovery.
Addressing the Health Sector Annual Summit 2024 as the special guest of honour, Dr Adam expressed optimism about the ongoing decline in inflation. He anticipated a substantial reduction by the year’s end.
“The economy is rebounding strongly, and I can tell you as manager of the economy that our recovery is really strong. We face serious challenges, but the future is looking brighter and brighter,” he said.
He explained that the country has experienced significant economic growth due to the policies that his outfit has implemented adding that the economy was projected to grow at 1.5 per cent in 2023 but it has grown at 2.9 per cent.
“The signs of growth we’re seeing from the data also show that this year will be strong, and so, when I say the economy is strong, I mean it. Inflation has also been on the decline, from a peak of 54% at the end of 2022, and 12 months later, it came down to 25 per cent,” he said.
He added that his outfit was working around the clock to ensure inflation reaches 15 per cent by the end of 2024 and by the end of 2027, inflation comes with a single digit.
