There is hope for the Ghanaian economy says Dr George Domfe

Development Economist and Senior Research Fellow at the Centre for Social Policy Studies (CSPS) at the University of Ghana, Dr George Domfe, has emphasised that there is hope for the country’s economy in light of recent strong, bold and decisive steps taken by the government in the management fiscal space.

Dr George Domfe made the observation in his presentation at the second edition of the ABC News Economic Symposium held in Kumasi on 25 July 2024.

“The economic growth recorded for the first quarter gives me hope that sooner than later, Ghana will be out of the woods. The economy recorded 4.7% growth rate in the first quarter of 2024 as reported by the Ghana Statistical Service. In 2023, first quarter growth was at 3.1%. This means that that of 2024 has exceeded that of last year” Dr Domfe said.

“The economy is expected to end the year with a growth rate of 3.1%, as revised from 2.8% and this is positive looking at where we are coming from. To determine the performance of an economy, the rate of growth is what is key, and as we can all see, the signs are positive, and this is why I am optimistic about the future of the economy” he added.

Inflation, according to Dr Domfe, has been on a declining trajectory, recording 22.8% as at the end of June. This, he said, is a reduction of 31% from 54.1% in 2022.

“Though the local currency has been at the receiving end of intense pressures from the major international currencies, the Cedi has done fairly well against the United States’ Dollar. As at the end of June 2024, the Cedi had depreciated at a rate of 18.6% against the Dollar. In 2022, the Cedi depreciated against the Dollar by 38%” Dr. Domfe stated.

On Gross International Reserves, the Development Economist emphasized that the 3.1% of import cover as at the end of June, 2024. At the end of June 2023, Gross International Reserves stood at 2.5 months of import cover, he observed.

On the performance of the economy by some regimes, Dr George Domfe stated that John Mahama’s performance has been the worst in recent history. He said that though there was no major economic crisis in the global economy, Mahama ran down the economy with a 3.4% growth rate.

“Mahama’s performance has been the worst in recent history as far as the economy is concerned. Despite the fact that there was no major crisis like what we have seen with COVID-19 and the war between Russia and Ukraine, he still managed to achieve a growth rate of 3.4%” he said.

The Fellow at the Institute of Progressive Governance further gave figures of the growth rate under Mahama in 2014 when the economy grew by 2.8% and 2.1% in 2015, figures which indicated that Mahama’s performance on the economy has been abysmal. He described John Mahama as ‘king of incompetence’ following his poor performance as president.

Reporting by Wilberforce Asare in Accra

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