The Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, has described the projections by Finance Minister Ken Ofori-Atta that Ghana\u2019s economy is anticipated to surpass GH\u00a21 trillion in 2024 as the lowest point of the 2024 budget presentation.<\/p>\n\n\n\n
Addressing Parliament on Wednesday, November 15, the Finance Minister disclosed that the economy is expected to escalate from GH\u00a2219.5 billion in 2016 to a historic milestone of GH\u00a21 trillion in 2024.<\/p>\n\n\n\n
But reacting to the minister\u2019s projection, Sammy Gyamfi, in a statement, said the expected growth is not indicative of actual growth but a result of extremely high inflation that is negatively impacting the ordinary Ghanaian.<\/p>\n\n\n\n
\u201cThe projected nominal GDP of GHS1 trillion therefore has no significant positive bearing on the ever-worsening livelihoods of Ghanaians. In fact, it means nothing for the ordinary Ghanaian whose economy is his pocket,\u201d Sammy Gyamfi said in the statement.<\/p>\n\n\n\n
Below is Sammy Gyamfi\u2019s full statement<\/strong>.<\/p>\n\n\n\n The lowest point in the 2024 budget speech, was when the Finance Minister sought to celebrate Ghana\u2019s nominal GDP reaching the trillion cedi mark.<\/p>\n\n\n\n The truth of the matter is that, this increase in nominal GDP has come about as a result of the extremely high rate of inflation we have witnessed in recent time. It is not indicative of actual growth in production whatsoever.<\/p>\n\n\n\n In a high inflation environment as we\u2019ve seen in the last couple of years, it is not surprising that nominal values will record big jumps. Hence, nominal GDP may indicate an increase whereas it is all fluke.<\/p>\n\n\n\n What is most important, is real GDP which takes into account inflation. Any economist worth his salt should know this. This is trite.<\/p>\n\n\n\n The projected nominal GDP of GHS1 trillion therefore has no significant positive bearing on the ever-worsening livelihoods of Ghanaians. In fact, it means nothing for the ordinary Ghanaian whose economy is his pocket.<\/p>\n\n\n\n If nominal GDP is anything to go by, then Ken Ofori Atta must be reminded, that what he is touting as a great achievement is no news at all. Ghana\u2019s nominal GDP stood at over 19 trillion cedis in 1999 before redenomination. By 2006, Ghana\u2019s nominal GDP had exceeded 100 trillion cedis. Again, the facts show, that the NDC government increased Ghana\u2019s nominal GDP from 17.6 billion cedis in 2008 to 167 billion cedis in 2016 (pre-rebasing).<\/p>\n\n\n\n The failed Akufo-Addo\/Bawumia government must stop majoring in minors and focus on important economic factors that significantly impact the livelihoods of Ghanaians. Suffering Ghanaians deserve better!<\/p>\n\n\n\n SAMMY GYAMFI ESQ. <\/p>\n","protected":false},"excerpt":{"rendered":" The Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, has described the projections by Finance Minister Ken Ofori-Atta that Ghana\u2019s economy is anticipated to surpass GH\u00a21 trillion in 2024 as the lowest point of the 2024 budget presentation. Addressing Parliament on Wednesday, November 15, the Finance Minister disclosed that the economy is expected […]<\/p>\n","protected":false},"author":13,"featured_media":40080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[43,1],"tags":[13052,211,5249,5059,8364,6693,913,5196,9196,12354,1237,192,4521,12502,2264,6543,12773,6546,483,281,1153,1198,11093,1782,10041,146],"class_list":["post-40079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news","category-news","tag-akufo","tag-bawumia","tag-budget","tag-cedi","tag-cedis","tag-congress","tag-democratic","tag-economy","tag-environment","tag-finance","tag-gdp","tag-ghana","tag-ghanaian","tag-ghanaians","tag-government","tag-growth","tag-increase","tag-inflation","tag-ken-ofori-atta","tag-ndc","tag-ofori-atta","tag-parliament","tag-reminded","tag-sammy-gyamfi","tag-speech","tag-truth"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/40079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=40079"}],"version-history":[{"count":1,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/40079\/revisions"}],"predecessor-version":[{"id":40081,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/40079\/revisions\/40081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/40080"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=40079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=40079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=40079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
National Communications\u00a0Officer,\u00a0NDC<\/p>\n\n\n\n