The Minority in Parliament has praised a 5.7% GDP growth rate announced for 2024, noting it surpasses previous targets and reflects strong industrial growth. Dr. Mohammed Amin Adam emphasized this achievement as a sign of structural transformation in the economy and defended the previous government’s fiscal management against allegations of data manipulation.
The Minority in Parliament has expressed admiration for the Ghana Statistical Service’s announcement of a remarkable 5.7% GDP growth rate for the 2024 fiscal year. This figure, the highest recorded in the past five years, surpasses the original budget target of 3.1% and the revised target of 4%, showcasing a strong economic performance.
Dr. Mohammed Amin Adam, the former Finance Minister, spoke on behalf of the caucus, noting that the industrial sector fueled this growth, achieving a 7.1% rise. The services sector followed with a growth rate of 5.9%, and agriculture contributed 2.8%. This pattern signifies that the Ghanaian economy is undergoing a pivotal structural transformation, marking another significant accomplishment under the New Patriotic Party (NPP) government.
Dr. Adam reiterated the significance of the 5.7% growth as unprecedented, leading industry growth after many years. He assured that this indicates a historic phase of transformation for Ghana’s economy, attained during the NPP’s governance. Furthermore, he addressed allegations about fiscal data manipulation, affirming that the robust economic health passed to the new National Democratic Congress (NDC) government is corroborated by various economic indicators.
He cited the debt-to-GDP ratio of 61.8% achieved in 2024, attributing this to a well-executed debt strategy implemented by the NPP. Dr. Adam emphasized that this figure was not coincidental, but rather the outcome of prudent fiscal management. He expressed confidence that history would honor the achievements of the Akufo-Addo administration.
In summary, the announcement of a 5.7% GDP growth rate for the 2024 fiscal year is hailed by the Minority in Parliament as a remarkable achievement, driven by significant progress in the industrial sector. Dr. Mohammed Amin Adam reaffirmed the transformative trajectory of the Ghanaian economy and addressed concerns regarding fiscal data integrity. The favorable debt-to-GDP ratio further underscores the effectiveness of the previous government’s economic strategies, leaving a solid foundation for future governance.
Original Source: citinewsroom.com
