Economy growing better than Mahama left it in 2017 says IPG fellow

Economic think tank, Institute of Progressive Governance (IPG), has stated that Ghana’s economy is growing better than the Mahama administration left it despite the challenges it has faced following the COVID-19 pandemic and the war between Russia and Ukraine.

Contributing to a panel discussion on Movement TV and MyABC TV on Saturday, 22 June 2024, Dr George Domfe, a fellow at the think tank, said economic growth rate is the best determinant of how well an economy is performing and that the first quarter growth of 2024 has exceeded that of Mahama when he was leaving office at the end of 2016.

“Ghana is growing at 4.7% as the first quarter growth rate indicates. This figure, when juxtaposed against what the NDC left when leaving office, means that the economy is doing far better than the 3.4% President Mahama left us with” Dr Domfe indicated.

According to the Institute of Progressive Governance, Ghana’s economy in 2017 grew at 8.1% whilst that of 2019 was 6.5%. In the year 2020, the economy grew at 0.54% because of the deadly coronavirus pandemic, according to IPG.

“The economy was hugely hit by COVID-19, and that showed in the growth figures the economy recorded at the time. However, it recovered strongly in 2021 as it grew at 5.4%. Unfortunately, the Russia-Ukraine conflict affected the global economy which Ghana was not left out. This was evident in the growth rate recorded in 2022 (3.1%) and in 2023, the rate was 2.9%” Dr Domfe said.

According to IPG, the cut in expenditure from GHC227 Billion to GHC190 Billion gravely affected 2023 year’s growth. The IMF even though projected a 1.5% growth rate for the economy, it grew at 2.9%.

The Development Economist and a Senior Research Fellow at the Centre for Social Policy Studies (CSPS) at the College of Humanities, University of Ghana, also said that Ghana’s economy grew at 2.8% in 2014, 2.1% in 2015 and 3.4% in 2016. These figures, Dr Domfe stated, were the growth rates attained under former President Mahama.

Dr Domfe also gave figures sourced from the Bank of Ghana indicating the rates of growth of the economy since 1992 and stated that the ones attained under Mahama were only better than those of late President Jerry John Rawlings.

Reporting by Wilberforce Asare in Accra

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