The Minority in Parliament has praised Ghana’s 5.7% GDP growth for 2024, marking the highest rate in five years. This surpasses budget targets and shows strong performance in the industry sector, indicating a historic transformation under the NPP government. Allegations of fiscal data manipulation are contested, with a focus on the sound health of the economy’s indicators.
The Minority in Parliament has lauded the Ghana Statistical Service’s (GSS) recent announcement of a real GDP growth rate of 5.7% for the 2024 fiscal year. This figure is noteworthy as it represents the highest growth rate recorded in the past five years, significantly surpassing both the original budget target of 3.1% and the revised target of 4%.
Dr. Mohammed Amin Adam, a former Finance Minister, addressed the press on behalf of the NPP caucus, stating that the growth was predominantly attributed to the industrial sector, which saw a remarkable 7.1% increase. The services sector followed with a growth rate of 5.9%, while agriculture experienced a growth of 2.8%. He highlighted the significance of these figures, noting they reflect a structural transformation within the Ghanaian economy, marking a historic achievement under the NPP administration.
He expressed, “Another good news was the announcement by the GSS of a real GDP growth rate of 5.7% for the 2024 fiscal year. This is the highest in five years.” Furthermore, he emphasized, “The growth was led by industry for the first time in many years with 7.1% followed by services at 5.9% and agriculture at 2.8%. This means that the Ghanaian economy has entered the face of structural transformation.”
Dr. Adam also addressed allegations regarding the manipulation of fiscal data, asserting that the economic stability bequeathed by the NPP to the incoming NDC government is corroborated by various economic indicators. He referenced the debt-to-GDP ratio of 61.8% achieved in 2024, attributing this success to a well-executed debt strategy. He remarked, “It was due to the implementation of good debt strategy….We know that this is historic and history will be kind to Akufo-Addo Bawumia government.”
In summary, the Minority in Parliament has recognized the Ghana Statistical Service’s announcement of a 5.7% GDP growth for 2024 as a significant milestone. This achievement reflects robust performance in the industrial sector and indicates a structural transformation in the economy. Moreover, concerns about fiscal data manipulation are dismissed, pointing to positive economic indicators like the debt-to-GDP ratio as evidence of sound governance under the NPP.
Original Source: citinewsroom.com
