Ghana’s 5.7% GDP Growth: A Historic Milestone According to the Minority

The Minority in Parliament lauded Ghana’s 5.7% GDP growth for 2024 as a historic milestone, exceeding budget targets. The growth was led by the industrial sector, showcasing structural transformation in the economy. Dr. Mohammed Amin Adam defended the NPP’s economic record amidst fiscal manipulation claims, highlighting the positive debt-to-GDP ratio for 2024.

The Minority in Parliament has commended the Ghana Statistical Service (GSS) for announcing a remarkable 5.7% real GDP growth rate for the fiscal year 2024. This growth rate is the highest recorded in five years and surpasses both the initial budget target of 3.1% and the revised target of 4%.

Dr. Mohammed Amin Adam, former Finance Minister, represented the caucus in addressing the media. He noted that this growth was predominantly fueled by the industrial sector, which saw an increase of 7.1%, followed by the services sector at 5.9% and agriculture at 2.8%.

Dr. Adam highlighted the significance of the GDP growth as an indication of a structural transformation of the Ghanaian economy, describing it as a historic achievement for the New Patriotic Party (NPP) government. He affirmed, “This means that the Ghanaian economy has entered the phase of structural transformation.”

Additionally, he addressed concerns regarding alleged manipulation of fiscal data. He argued that the healthy state of the economy passed to the new National Democratic Congress (NDC) government is corroborated by various economic indicators, notably the debt-to-GDP ratio of 61.8% for 2024, which he attributed to effective debt management strategies. He stated, “The debt to GDP ratio of 61.8% achieved in 2024 was not an accident.”

The Minority in Parliament celebrated Ghana’s substantial 5.7% GDP growth for the fiscal year 2024, attributing this success to strong industrial performance and structural economic transformation. Dr. Mohammed Amin Adam defended the NPP government’s legacy against allegations of fiscal manipulation, underscoring the importance of the promising economic indicators that validate the current economic health, particularly the favorable debt-to-GDP ratio. This marks a significant achievement for the NPP administration.

Original Source: citinewsroom.com