Ghana’s economy has demonstrated its strength and resilience, with a remarkable 5.7% GDP growth rate in 2024, exceeding the revised budget target of 4%.
This impressive growth rate is the highest since 2020 and follows a recovery in 2023, when the economy grew by 2.9% above the target of 1.5%.
The Ghana Statistical Service’s announcement confirms that the economy has rebounded, defying the challenges posed by the global economic crisis between 2020 and 2022.
The significant drop in the public debt to GDP ratio from 80.4% in 2020 to 61.8% in 2024 is a notable achievement, indicating that the NPP government’s debt management strategy has been effective.
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.
The impressive economic growth can be attributed to the strong performance of various sectors, including industry, services, and agriculture.
The industry sector led the way with an average growth of 8.9% for the first three quarters of 2024, driven by mining and quarrying, construction, oil and gas, and manufacturing.
The services sector expanded by 5.0%, with significant contributions from information and communication, financial and insurance activities, and accommodation and food services.
The NDC’s claims of inheriting a badly managed economy have been contradicted by these developments, which demonstrate that the economy was performing well before the NDC took over.
However, concerns have been raised 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 claims.
The Minister has been urged to report only verified data, as his primary responsibility is to make payments based on verified claims.
-BY Issah Olegor
