The Minority in Parliament has applauded Ghana’s 5.7% GDP growth for 2024, the highest in five years. Dr. Mohammed Amin Adam attributed this growth to the industrial sector’s 7.1% increase, underscoring substantial economic strides under the NPP government. Concerns about fiscal data manipulation were addressed, highlighting a solid debt-to-GDP ratio of 61.8%.
The Minority in Parliament has commended the Ghana Statistical Service (GSS) for reporting a real GDP growth rate of 5.7% for the fiscal year 2024. This rate, which is the highest achieved in five years, surpasses both the initial budget target of 3.1% and the revised target of 4%.
Dr. Mohammed Amin Adam, former Finance Minister, expressed that this growth is primarily attributed to the industrial sector, which saw a 7.1% increase, followed by the services sector at 5.9%, and agriculture at 2.8%. He emphasized that this signifies a structural transformation within the Ghanaian economy, marking a significant accomplishment under the NPP government.
Dr. Adam stated, “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.” He further noted, “This means that the Ghanaian economy has entered the phase of structural transformation. Another historic transformation…This occurred again under the NPP government.”
Moreover, he addressed allegations regarding the manipulation of fiscal data, asserting that the robust state of the economy transitioned from the NPP to the new NDC government is corroborated by other applicable economic indicators. He cited a debt-to-GDP ratio of 61.8% for 2024, a result of a strategically implemented debt management plan.
Dr. Adam remarked, “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.” He concluded by stating, “It was due to the implementation of good debt strategy….We know that this is historic and history will be kind to the Akufo-Addo Bawumia government.”
In summary, the Ghanaian Minority in Parliament has expressed commendation for the 5.7% GDP growth announced by the GSS, which surpasses prior targets and reflects significant contributions from various sectors, particularly industry. Dr. Mohammed Amin Adam defended the economy’s health against claims of data manipulation, underscoring the effective debt strategy implemented under the previous government. This economic growth marks a notable milestone in Ghana’s ongoing structural transformation.
Original Source: citinewsroom.com
