Ghana’s Economy Strong And Sturdy – Prez Mahama: #IS IT TRUE?

President John Mahama says Ghana's economy couldn't be stronger and

sturdier. At a lecture at the Columbia University in the United

States, President Mahama said: "A few years ago Ghana, my country, was

among one of the most economically challenged on the continent. In the

last couple of years Ghana has posted some of the highest GDP growth

rates in the world, and remains one of the world's fifteen fastest

growing economies". He said Ghana's economic growth is well situated

within a holistic Continental economic growth in the past few years.

"Today, Africa is home to three of the world's overall best performing

stock exchanges, and Ghana's stock exchange received the highest

rating from Databank Financial Services as the best performing stock

market in terms of returns on investment", Mr. Mahama noted. "In a

recent report, the World Bank noted that economic growth in Africa for

the first decade of the 21st century has averaged 4.7 percent, as

against 2.5 percent for the global economy in 2012", he mentioned.

According to him, "at the present rate, Africa's cumulative GDP is

expected to rise from 1.5 trillion to 3 trillion by 2020. This means

the potential for job creation, housing, quality education, improved

healthcare, modern transportation networks, and opportunities for

quality livelihoods, is limitless". He said: "Africa has taken

advantage of the benefits of information technology to leapfrog its

developmental processes" and added that: "Today, subscription and

usage of mobile phones in Africa has surpassed subscription in Europe

and America combined, and the industry employs over 5 million people".

Mr. Mahama's reposition of confidence in Ghana's economy comes days

after the 2012 Vice Presidential Candidate of his country's biggest

opposition party, NPP, Dr. Mahamudu Bawumia accused him of running the

economy down. It also follows recent calls by policy think tank,

Danquah Institute that a critical national dialogue be held on

"Ghana's spiraling public debt stock". The group's call came on the

heels of a report by the Monetary Policy Committee of the Central Bank

that Ghana's total debt stock has ballooned by Ghc8.8 billion since

January 2013. The MPC said in the report that Ghana's total public

debt stock "increased to GHc43.9 billion (49.5% of GDP) at the end of

August 2013, from GHc35.1 billion in December 2012." DI, in its

statement, said it blamed the "mad rush for loans" for the soaring

debt stock.

Kofi Oppong Kyekyeku

I am a Ghanaian Broadcast Journalist/Writer who has an interest in General News, Sports, Entertainment, Health, Lifestyle and many more.

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