Paragraph 1: The NPP’s Claim of Superior Economic Management
Richard Ahiagbah, the National Communications Director of the New Patriotic Party (NPP), has forcefully asserted that the Akufo-Addo administration, which concluded its term in 2024, left behind a significantly stronger Ghanaian economy than the one it inherited from the John Dramani Mahama administration in 2017. Ahiagbah’s central argument rests on a comparison of economic growth rates and debt-to-GDP ratios. He highlighted a 5.7% GDP growth rate achieved in 2024 under Akufo-Addo, contrasting it with a 3.4% growth rate recorded in 2016, the final year of Mahama’s presidency. This difference, according to Ahiagbah, demonstrates the NPP’s superior economic management. He further emphasized a decrease in the debt-to-GDP ratio from 73.3% in 2016 to 61.8% in 2024 as further evidence of sound financial stewardship under Akufo-Addo.
Paragraph 2: Statistical Basis for the NPP’s Claims
The NPP’s claims are grounded in data released by the Ghana Statistical Service (GSS). The GSS reported that Ghana’s economy reached a value of ₵1.2 trillion in 2024, exhibiting an overall growth rate of 5.7%. This figure represents the nominal GDP, which reflects the market value of all goods and services produced in the country during the year. The GSS also provided the real GDP, adjusted for inflation, which stood at ₵190.7 billion, reflecting a 5.7% growth compared to 2023. For the final quarter of 2024, the nominal GDP was ₵330.1 billion, while the real GDP amounted to ₵53 billion. This granular data, according to Ahiagbah, substantiates the NPP’s narrative of improved economic performance.
Paragraph 3: Sectoral Contributions to Ghana’s GDP
The GSS data further delves into the sectoral breakdown of Ghana’s GDP. The services sector maintained its dominance, contributing 49.2% to the GDP in the fourth quarter of 2024 and 46% for the entire year. This indicates the continued importance of service-oriented industries in driving economic activity. The industry sector followed with contributions of 31.9% in the fourth quarter and 30.8% for the full year. Agriculture, a traditionally significant sector, contributed 19.1% in the fourth quarter and 22.2% annually. This sectoral analysis reveals the composition of Ghana’s economic growth and the relative contributions of different economic activities.
Paragraph 4: Non-Oil GDP Growth and its Significance
The GSS also highlighted the non-oil GDP growth, which reached 6.0% in 2024. This metric is crucial for understanding the underlying strength and diversification of the Ghanaian economy, as it excludes the volatile contributions of the oil sector. A robust non-oil GDP growth suggests that other sectors, such as services, industry, and agriculture, are playing a significant role in driving economic expansion. This diversification is generally considered a positive indicator of economic health and resilience, reducing dependence on a single commodity and mitigating the impact of price fluctuations in the global oil market.
Paragraph 5: Political Implications of the Economic Data
The release of the GSS data and the subsequent pronouncements by the NPP have ignited a political debate about the true state of Ghana’s economy. The NPP is using the figures to bolster its claims of successful economic management, positioning itself as the party that delivered growth and stability. This narrative is likely to become a central theme in future political campaigns and will be subject to scrutiny and counterarguments from opposition parties. The economic data will undoubtedly be a focal point of political discourse, with different interpretations and perspectives vying for public acceptance.
Paragraph 6: The Need for a Comprehensive Economic Assessment
While GDP growth and debt-to-GDP ratios are important indicators of economic performance, they do not tell the whole story. A comprehensive assessment requires considering other factors such as job creation, inflation, income inequality, and access to basic services. It’s crucial to examine how economic growth translates into tangible improvements in the lives of ordinary citizens. Further analysis is needed to understand the broader socio-economic impact of the reported growth and determine the extent to which it has contributed to sustainable development and improved well-being for all Ghanaians.
