Ghana’s 5.7% GDP Growth: A Historic Milestone Celebrated by the Minority
The Minority in Parliament has praised Ghana’s 5.7% GDP growth for 2024, the highest in five years. This rate surpassed budget targets and reflects significant expansion particularly in the industrial sector. Dr. Mohammed Amin Adam confirmed that this achievement signals a structural transformation in the economy, while also addressing concerns about fiscal data accuracy and asserting the soundness of the economic strategies employed by the NPP government.
The Minority in the Ghanaian Parliament has expressed its approval regarding the Ghana Statistical Service’s announcement of a notable 5.7% real GDP growth rate for the fiscal year 2024. This figure, the highest in five years, surpassed the original budget target of 3.1% as well as the revised goal of 4%.
Dr. Mohammed Amin Adam, the former Finance Minister, spoke on behalf of the Minority and highlighted that the growth was primarily driven by the industrial sector, which achieved a commendable 7.1% increase. The services sector followed closely with a growth of 5.9%, while agriculture recorded a rate of 2.8%.
Dr. Adam further indicated that this significant growth signals a structural transformation within the Ghanaian economy, marking a historic milestone under the governance of the New Patriotic Party (NPP). He remarked on the unprecedented nature of this achievement, reinforcing the positive trajectory of the economy.
In addition to celebrating the growth, Dr. Adam addressed concerns regarding potential manipulation of fiscal data, affirming that the strong economic health bequeathed to the new National Democratic Congress (NDC) government is supported by various economic indicators. He emphasized the debt-to-GDP ratio of 61.8% achieved in 2024, attributing it to a well-conceived debt management strategy.
He concluded by stating, “The manipulation of the fiscal data notwithstanding the strong health of the economy the NPP handed to the new NDC government continues to be vindicated by other economic indicators… We know that this is historic and history will be kind to Akufo-Addo Bawumia government.”
In conclusion, the Minority in Parliament commends the Ghana Statistical Service for announcing a significant 5.7% GDP growth for 2024. The growth, primarily fueled by the industrial sector, indicates ongoing structural transformation in the economy under the NPP government. Moreover, the former Finance Minister, Dr. Adam, reassured that the economic stability reflected by various indicators reinforces the sound fiscal management practices attributed to the previous administration.
Original Source: citinewsroom.com
