The Minority in Parliament has praised the announcement by the Ghana Statistical Service (GSS) of a real GDP growth rate of 5.7% for the 2024 fiscal year.
According to the NPP caucus, this growth rate, the highest in five years, exceeded both the budget target of 3.1% and the revised budget target of 4%.
Dr Mohammed Amin Adam, former Finance Minister addressing journalists on the caucus’ behalf on Wednesday highlighted that the growth was driven by the industrial sector, which recorded a 7.1% increase, followed by the services sector at 5.9% and agriculture at 2.8%.
He emphasised that this indicates the Ghanaian economy is undergoing a phase of structural transformation, marking another historic achievement under the NPP government.
“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.
“…The 5.7% growth rate in 2024 was more than the budget target of 3.1% and the revised budget target of 4%. 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. Another historic transformation…This occurred again another the NPP government,” he said.
Dr Adam also addressed concerns about the manipulation of fiscal data, asserting that the strong health of the economy handed over by the NPP to the new NDC government is being validated by other economic indicators. They pointed to the debt-to-GDP ratio of 61.8% achieved in 2024 as a result of a well-implemented debt strategy.
“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….The debt to GDP ratio of 61.8% achieved in 2024 was not accident.
“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,” he said.
