Economic growth has failed to have impact on Ghanaians – ISSER

The Institute of Social Statistics and Economic Research (ISSER) at the University of Ghana (UG) has criticised the government for the lack of impact that the country’s economic growth in the first half of the year has had on the lives of ordinary Ghanaians.

This is sourced from a report by ISSER assessing the recently presented 2024 mid-year budget review.

The report assessed the economic growth of the past six months and referenced the mid-year budget, which indicated that overall real GDP growth was 4.7 percent for the first quarter of 2024, surpassing the revised annual target of 3.1 percent.

Non-oil real GDP growth was 3.3 percent, compared to 3.8 percent in 2023.

The report also noted that, due to improvements in macroeconomic indicators, both growth rates have been revised upward.

The overall GDP growth rate was revised from 2.8 percent to 3.1 percent, and the non-oil GDP growth rate was adjusted from 2.1 percent to 2.8 percent.

For the first quarter of 2024, the industrial sector led with a growth rate of 6.8 percent.

Despite these positive economic indicators, the report highlighted anecdotal evidence from Afrobarometer surveys in the first quarter of 2024, which shows increasing hardships due to rising food prices, soaring transportation fares, and higher costs for cement and fuel.

“ISSER described the economic figures as bittersweet, noting that the growth has not significantly improved the economic situation for many Ghanaians.

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