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A Political Risk Analyst, Dr Theo Acheampong has criticised the Finance Minister’s projection of a GH¢1 trillion Gross Domestic Product (GDP) in 2024, stating that it lacks significance in economics.
According to Mr. Acheampong, the touting of the figure by the country’s Finance Minister also suggests a lack of understanding of basic macroeconomics.
Dr Acheampong expressed his viewpoint, asserting that the GH¢1 trillion GDP in nominal terms is meaningless in economic.
He went on to remark that market women may have a better understanding of economics than the country’s leaders, questioning the Finance Minister’s celebration of the GH¢1 trillion projection as an achievement.
This critique comes in response to the Finance Minister’s announcement that Ghana’s economy will surpass GH¢1 trillion in 2024.
Mr Ofori-Atta made this announcement while presenting the 2024 budget statement.
He emphasised the government’s focus on maintaining the current economic growth and ensuring stability in the local currency and disinflation over the medium term.
In response to this projection, Dr Acheampong questioned the Finance Minister’s jubilation particularly when inflation remains more than 30%.
“GHS1 trillion GDP in nominal terms is meaningless in economics. It appears to show that the managers of the economy do not understand basic macroeconomics.”
“I feel that our market women understand better economics than our leaders. If GHS1 trillion, is a “mere projection” as my good friend Sticka says, why should the finance minister tout it as an achievement and jubilate.”
By: Ernest K. Arhinfu
