Bright Simons, a Vice President at Imani Africa, remarked that expressing confidence in Ghana’s Gross Domestic Product (GDP) reaching One Trillion Cedis requires either extreme self-confidence or audacity. He shared that he had a humorous reaction, describing it as a ‘nice belly laugh,’ upon hearing the Finance Minister’s statement.
Simons pointed out that rapid exchange rate depreciation and high inflation could swiftly elevate a country’s GDP beyond the ‘trillion’ mark. However, he added that presenting this as an achievement demands exceptional audacity. As a point of comparison, he noted that in 2005, Ghana’s GDP was 97 trillion.
Had a nice belly laugh with this. 🤦🏽♂️🤦🏽♂️
Rapid exchange rate depreciation & high inflation will indeed take a country's GDP quickly over the "trillion" mark for sure. But it takes exceptional chutzpah to mount that as an achievement!
(Btw, in 2005, Ghana's GDP was 97 TRILLION! 😊). pic.twitter.com/cN1jMic7GkWe're now on WhatsApp. Click here to join.— Bright Simons (@BBSimons) November 15, 2023
Finance Minister Ken Ofori-Atta informed Parliament that Ghana’s economy, under the Akufo-Addo administration, is now valued at over One Trillion Cedis, surpassing the GHc219.5 billion inherited from the Mahama administration in 2016.
Presenting the 2024 budget on November 15, Ofori-Atta highlighted the historic significance, stating that it marks the first time Ghana’s Gross Domestic Product (GDP) is projected to exceed One Trillion Cedis in 2025.
Emphasizing the government’s focus on sustaining the current economic growth, Ofori-Atta expressed determination to ensure stability in the local currency and disinflation over the medium term. He declared confidence in the budget, stating it will pave the way for sustainable development, creating jobs and wealth for the people.
Ofori-Atta noted a positive shift in economic challenges, citing the successful completion of the first review of the 3-year 3 billion International Monetary Fund External Credit Facility (IMF-ECF) program.
Assuring Parliament, he reiterated the commitment to maintaining stability, fostering growth, and ensuring currency stability. Highlighting declining inflation rates from 54.1 in December to 35.2 in October 2023, Ofori-Atta affirmed the reality and permanence of the economic recovery.
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