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.
