The Minority in Ghana’s Parliament has praised a 5.7% GDP growth for 2024, highlighting it as the highest in five years and exceeding budget targets. Dr. Mohammed Amin Adam, former Finance Minister, indicated that this growth is led by the industrial sector, representing a significant structural transformation in the economy under the NPP government. The debt-to-GDP ratio supports the claim of sound fiscal management amidst claims of data manipulation.
The Minority in Ghana’s Parliament has commended the Ghana Statistical Service’s announcement of a 5.7% real GDP growth rate for the 2024 fiscal year, marking the highest increase in five years. This rate not only surpasses the original budget target of 3.1% but also the revised target of 4%. Dr. Mohammed Amin Adam, former Finance Minister, emphasized that this growth, primarily fueled by the industrial sector’s 7.1% increase, reflects a fundamental transformation in the Ghanaian economy under the current government.
Dr. Adam pointed out the significant contributions of different sectors, with industry leading at 7.1%, followed by services at 5.9% and agriculture at 2.8%. He described this accomplishment as indicative of a structural transformation, heralding it as another historic milestone for the New Patriotic Party (NPP) government. He stated that such growth signifies a pivotal moment for Ghana’s economic development.
Furthermore, addressing concerns regarding potential manipulation of fiscal data, Dr. Adam asserted the robust standing of the economy inherited from the NPP government is corroborated by various economic indicators, including the debt-to-GDP ratio of 61.8% achieved in 2024. This figure is attributed to a well-crafted debt management strategy, reinforcing the positive trajectory of the Ghanaian economy.
In conclusion, the announcement of a 5.7% GDP growth rate reflects notable economic progress for Ghana, highlighting various sector contributions and the effectiveness of government policies. The Minority’s praise underlines the significance of this achievement as a historical moment for the nation’s economy under the leadership of the NPP government.
In summary, the recent announcement of a 5.7% GDP growth rate for Ghana signifies a remarkable economic achievement, surpassing prior budget targets. The growth, driven by the industrial sector, marks a critical phase of transformation for the economy and is viewed positively by the Minority in Parliament. The validation of economic indicators suggests effective fiscal management despite concerns regarding data integrity, reinforcing the legacy of the current government’s policies.
Original Source: citinewsroom.com
