Research Fellow at the Centre for Social Policy Studies (CSPS) at the University of Ghana, Legon, Dr. George Domfe says, President Akufo Addo is a better manager of the economy than former president Jonh Dramani Mahama.
According to the renowned Economist, despite the global challenges, figures from the 2023 budget statement show the Akufo-Addo lead government has been superior management of the economy than its immediate predecessor.
Reacting to the 2023 financial statement on the Kumasi-based OTEC 102.9 FM’s morning show, “Nyansapo”, on Friday November 24, 2022, the Development Economist and a Senior Research Fellow at the Centre for Social Policy Studies (CSPS) at the University of Ghana said
Budget 2023 will spur Economic Recovery and Strengthen Fiscal Responsibility Focused on economic recovery and fiscal responsibility.
Growth rate
Speaking on the country’s Growth Rate in the first three quarters, Dr. George Domfe praised the government for chalking up an impressive rate in the midst of global turmoil.
“The Mahama lead government in 2016 had a 2.3 percent growth rate compared to the 4.8 recorded in 2022, proven that there is a vast difference between the two regimes”
Finance Minister Ken Ofori-Atta during the 2023 budget presentation said the Economy is expected to expand by 2.8% in 2023
This according to him forms part of the government’s macroeconomic targets for next year.
He added that the Non-oil real Gross Domestic Product growth rate will however grow at a rate of 3% in 2023.
The Finance Minister further revealed that Ghana’s Economy grew by 4.8% in quarter 2 of the 2022 fiscal year.
“Ghana’s economy expanded by 4.8% in the second quarter of this year, higher than the 3.4% recorded in the first quarter, data from the Ghana Statistical Services has revealed”
“The appreciable growth rate was driven by Manufacturing (8.8%), Crops and Cocoa (4.5%), Mining and Quarrying (4.4%), Information and Communication (12.4%) as well as the Education (13.2%) sub-sectors”
“Other sectors which accounted for the growth include, the Services sector (5.2%) expanded more than the national average. It was followed by Agriculture (4.6%) and Services (4.4%)”. He added
Dr. Domfeh is of the view that measures outlined in the 2023 budget will address the impact of the economic shocks on Ghanaians through the exponential cut in some major government expenditures.
Source: Ghanaweb