The Minority in Parliament has commended the Ghana Statistical Service (GSS) for announcing a real GDP growth rate of 5.7% for 2024, calling it the highest in five years and a major economic achievement under the New Patriotic Party (NPP) government.
Key Highlights from the NPP Caucus:
🔹 GDP Growth: 5.7% in 2024, exceeding the 3.1% budget target and the 4% revised target.
🔹 Sectoral Performance:
- Industrial Sector: 7.1% growth (first time leading in years).
- Services Sector: 5.9% growth.
- Agriculture Sector: 2.8% growth.
🔹 Economic Transformation: NPP claims structural transformation is underway.
🔹 Debt Management: Ghana’s debt-to-GDP ratio hit 61.8%, reflecting a successful debt strategy.
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NPP’s Position on Economic Growth
Dr. Mohammed Amin Adam, former Finance Minister, stated that the strong economy inherited by the new NDC government is being validated by key indicators. He credited the Akufo-Addo-Bawumia administration for implementing effective fiscal policies that led to robust economic expansion.
“The 5.7% growth rate in 2024 was more than the budget target of 3.1% and the revised target of 4%. This proves the Ghanaian economy is undergoing historic structural transformation under the NPP,” he said.
Dr. Adam also dismissed claims of fiscal data manipulation, emphasizing that the debt-to-GDP ratio of 61.8% was a direct result of a well-executed debt strategy.
Outlook & Political Reactions
With the NDC now in government, the economic outlook remains a key political debate. While the NPP claims credit for the growth, the NDC government will be tasked with sustaining and improving economic performance.
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