Director of the Institute of Statistical and Economic Research (ISSER) of the University of Ghana, Professor Peter Quartey, has attributed Ghana’s slow economic growth to the generally slow growth in the global and Sub-Saharan Africa economies.
Delivering a presentation on the State of the Ghanaian Economy Report (SGER 2018), a summary of a comprehensive State of the Ghanaian Economy Report at its launch in Accra today, the former Head of the University of Ghana Department of Economics noted that the growth of the Ghanaian economy was slow and marginal.
“Sub-Saharan Africa’s economy slowed down marginally in the year under review particularly GDP growth increased from 2.9% in 2017 to 3.0% in 2018. There was a marginal improvement. Increase in commodity prices particularly oil may have played a part” he said.
He added that “due to the global slowdown, our economic growth also slowed down compared to 2017. We has these policy objectives: a macro target of overall GDP of 6.8%, non oil growth of 5.4%, end of period inflation of 8.9%. Average inflation of 9.8% and a fiscal deficit of 4.5% of GDP. Ghana’s GDP grew by 6.3% in 2018. A substantial decline from the 8.1 percent in 2017 but slightly higher than the revised target of 5.6%.”
On whether Ghana had the fastest growing economy in the world, the economist refuted the claims of Vice President Dr. Mahamudu Bawumia who had earlier claimed that the Ghanaian Economy was the fastest growing economy globally.
Professor Peter Quartey stated that “now we saw that in Asia the growth was 6.8%, so if we grew by 6.1%, we cannot say we are the fastest growing in the world.”
Story by: Bismark Kwaku Asante | universnewsroom.com