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BusinessGhana has economically advanced than Nigeria under Tinubu - Economist

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Ghana has economically advanced than Nigeria under Tinubu – Economist

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In the aftermath the one-year anniversary of Nigeria’s current administration under President Bola Tinubu, both the country’s achievements and shortcomings were brought to light.

Unfortunately, the deficiencies overshadowed the progress, as conveyed through infographics presented by Bismarck Rewane, the Managing Director/Chief Executive Officer of Financial Derivatives Company Limited. The overall sentiment surrounding the president’s first year in office appeared lackluster.

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As reported by Nigerian newspaper The Punch, Bismarck Rewane disclosed on a segment aired on Nigerian news channel Channels Television that Nigeria had slipped from being the 32nd largest economy globally to 42nd.

He made this revelation during a presentation analyzing the impact of the president’s tenure since assuming office. He illustrated how hyperinflation had impacted consumer prices of various essential goods over the past year, with some food items experiencing increases of over 200%.

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Additionally, beyond essential commodities, he revealed that Nigeria had dropped from first to fourth place in terms of wealth management and accumulation in Africa.

The economist then pointed out that Ghana has also surpassed Nigeria, stating, “In the past, we were always richer than Ghana, now we are here. External reserves and GDP figures speak for themselves.”

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He however expressed optimism, noting that things may look bleak, but there may be some hope.

“Our ranking among African countries has declined. Last year, our GDP growth was 2.98 percent; South Africa was 1.93 percent, Kenya was 4 percent, and Ghana was 3.8 percent. Inflation was 33 percent for us, 5 percent for South Africa, 5 percent for Kenya, and 25 percent for Ghana,” he said.

“Our GDP per capita is $1,111, while South Africa’s is $6,700, Kenya’s is $2,000, and Ghana’s is $2,200. External reserves as a percentage of GDP illustrate a tough picture. In the past, we were always richer than Ghana, but now we are here. External reserves and GDP figures speak for themselves,” the renowned economist added.

Given the fact that Ghana’s GDP per capita is almost double that of Nigeria’s, it’s fair to say that the economist’s assessment could be considered accurate.

Additionally, with a GDP of $1,111, Nigeria is nowhere near the richest countries on the continent, according to Global Finance GDP-PPP per capital index, Nigeria is currently the 46th poorest country in the world.

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