The New Patriotic Party (NPP) left behind a robust economy for the National Democratic Congress (NDC) administration, according to Dr. Gideon Boako, Member of Parliament for Tano North and former Spokesperson for Vice President Dr. Mahamudu Bawumia.
This assertion is supported by the latest GDP growth figures released by the Ghana Statistical Service, which put Ghana’s real GDP growth for 2024 at 5.7%, exceeding the revised budget target of 4%.
In a statement, Dr Baoko explained that the NPP’s debt management strategy has been instrumental in achieving this growth, with a significant drop in the public debt to GDP ratio from 80.4% in 2020 to 61.8% in 2024.
This ratio is also below the pre-COVID-19 level of 65.7%, demonstrating the country’s progress in restoring debt sustainability. Ghana is now on track to reach the debt sustainability target of 55% under the IMF program earlier than the planned 2028 target year.
He noted that the release of GDP figures confirms that the rebound in the economy was real, with a GDP growth of 5.7% in 2024 being the highest since 2020.
This growth is a testament to the NPP’s effective economic management, despite the challenges posed by the global economic crisis between 2020 and 2022.
In contrast to the NDC’s claims of inheriting a badly managed economy, the data suggests that the economy was performing well before the NDC took over.
However, there are concerns about data manipulation in the fiscal outturn for 2024, with allegations that the Minister for Finance is attempting to manufacture a narrative to support the NDC’s baseless claims.
Dr Baoko explained further that the NPP’s track record on the economy is impressive, with the party’s policies and initiatives contributing to Ghana’s strong economic growth.
In the context of Africa’s economic performance, Ghana’s growth rate is notable, with the continent expected to experience stronger growth in 2024, outpacing the projected global average.
According to the African Development Bank, Africa will account for 11 of the world’s 20 fastest-growing economies in 2024, with Ghana’s growth rate being one of the highest in the region.
–BY Daniel Bampoe
