Finance Minister’s GHS 1 trillion GDP claim shows extreme self-confidence – Bright Simmons
In a recent statement, Bright Simons, Vice President of Imani Africa, has expressed skepticism regarding the Finance Minister’s assertion that Ghana’s Gross Domestic Product (GDP) is valued at over One Trillion Cedis.
Mr Simons emphasized the impact of rapid exchange rate depreciation and high inflation on pushing a country’s GDP beyond such figures.
He took to Twitter to share his views, stating, “Rapid exchange rate depreciation and high inflation will indeed take a country’s GDP quickly over the ‘trillion’ mark for sure. But it takes exceptional chutzpah to mount that as an achievement!”
The Finance Minister, Ken Ofori-Atta, presented the 2024 budget to Parliament on November 15, highlighting the projected milestone of Ghana’s economy crossing the One Trillion Cedis mark. Mr Ofori-Atta attributed this growth to the administration of President Akufo-Addo, contrasting it with the GHc219.5 billion inherited from the previous government in 2016.
Despite the Finance Minister’s optimism about the economy’s trajectory, Mr Simons remains unconvinced, noting that Ghana’s GDP was significantly higher in 2005, at 97 trillion.
Mr Ofori-Atta, in his budget presentation, outlined the government’s commitment to maintaining economic stability, local currency stability, and disinflation over the medium term.
He also cited successful completion of the first review of the International Monetary Fund External Credit Facility (IMF-ECF) program as evidence that the country has overcome economic challenges.
As the Ghanaian government emphasizes sustained growth, Mr Simons’ skepticism adds a critical perspective to the narrative, raising questions about the foundation and sustainability of the claimed economic achievement.
