Economic analyst criticizes GHS 1trn GDP milestone assertion by Finance Minister, calls for focus on real growth indicators
The statement from Finance Minister Ken Ofori-Atta about Ghana’s projected one trillion Ghana cedis gross domestic product (GDP) has sparked a response from Economic and Political Risk Analyst, Dr. Theophilus Acheampong.
According to Dr. Acheampong, touting the one trillion Ghana cedi GDP as an achievement is mere political grandstanding, citing rising inflation and a depreciating cedi as significant concerns.
He argues that the nominal value of one trillion cedis is not as meaningful as it may seem, especially when considering factors like inflation and currency depreciation.
Dr. Acheampong suggests that the Minister should have focused on other growth indicators such as gross national income and per capita to provide a more comprehensive view of the country’s economic trajectory.
In his view, metrics like gross national income and per capita income offer a better reflection of the macroeconomic situation and the lived economic prosperity of the citizens.
He emphasizes the importance of looking beyond headline figures and focusing on indicators that directly impact the daily lives of the people.
While the Finance Minister has expressed confidence in achieving the one trillion cedi GDP goal, Dr. Acheampong’s perspective highlights the need for a nuanced and comprehensive assessment of economic performance, considering factors that directly affect the citizens’ well-being.
The debate between these perspectives adds complexity to the economic discourse in Ghana, emphasizing the importance of a well-rounded evaluation of economic achievements.