Ghana’s economy under Akufo-Addo doing better than under Mahama

The rate of growth of Ghana’s economy has improved under the administration of President Nana Akufo-Addo as compared to the presidency of John Mahama, according to analyses of the Institute of Progressive Governance.

Relying on official statistics mainly from the Bank of Ghana, the think tank concluded that the economy did better in terms of growth under  Akufo-Addo than his predecessor.

According to Dr George Domfe of the Institute of Progressive Governance, the most reliable way to measure the health of an economy – the rate of growth – shows quite clearly that since 2017, the economy has done much better than prior to that year.

“Ghana is growing at 4.7% as the first quarter growth rate indicates. This figure, when juxtaposed against what the NDC left when leaving office, means that the economy is doing far better than the 3.4% President Mahama left us with” Dr. Domfe explained  on Movement TV  on Saturday, June 22, 2024

He added that despite the dire impact on Ghana’s economy brought about by the COVID-19 pandemic and the Russia-Ukraine crisis, the administration of the New Patriotic Party (NPP) still did better in ensuring that the economy grows.

The economy was hugely hit by COVID-19, and that showed in the growth figures the economy recorded at the time.

However, it recovered strongly in 2021 as it grew at 5.4%. Unfortunately, the Russia-Ukraine conflict affected the global economy which Ghana was not left out. This was evident in the growth rate recorded in 2022 (3.1%) and in 2023(2.9%),” he added.

To make a clearer comparison, Dr Domfe pointed out that Ghana’s economy grew by 2.8% in 2014, 2.1% in 2015 and 3.4% in 2016 which have been surpassed under President Akufo-Addo.

The Institute of Progressive Governance(IPG) contended that despite the bigger challenges faced by the current government, it has managed the economy better than its predecessor.