Mr Sammy Gyamfi, the National Communications Officer of the opposition National Democratic Congress (NDC), has outlined the lowest point in the 2024 budget presentation.
Mr Gyamfi, in a statement copied to the Ghana News Agency, said the Finance Minister, in his presentation of the 2024 budget, sought to celebrate Ghana’s nominal gross domestic product (GDP) reaching the trillion-cedi mark.
‘The truth of the matter is that this increase in nominal GDP has come about as a result of the extremely high rate of inflation we have witnessed in recent times. It is not indicative of actual growth in production whatsoever,’ he said.
‘In a high inflation environment, as we’ve seen in the last couple of years, it is not surprising that nominal values will record big jumps. Hence, nominal GDP may indicate an increase whereas it is all fluke.’
He said what was most important was real GDP, which takes into account inflation.
Mr Gyamfi said the projected nominal GDP of GHS1 trillion therefore had no significant positi
ve bearing on the ever-worsening livelihoods of Ghanaians.
He said in fact, it means nothing for the ordinary Ghanaian whose economy was his pocket.
‘If nominal GDP is anything to go by, then Ken Ofori Atta must be reminded, that what he is touting as a great achievement is no news at all.’
He said Ghana’s nominal GDP stood at over 19 trillion cedis in 1999 before redenomination.
He said by 2006, Ghana’s nominal GDP had exceeded 100 trillion cedis.
Mr Gyamfi said again, the facts show, that the NDC government increased Ghana’s nominal GDP from 17.6 billion cedis in 2008 to 167 billion cedis in 2016 (pre-rebasing).
He noted that the New Patriotic Party (NPP) Government must stop majoring in minors and focus on important economic factors that significantly impact the livelihoods of Ghanaians; adding that ‘suffering Ghanaians deserve better’!
Source: Ghana News Agency