An economist Dr Theo Acheampong has said that a 1 trillion Ghana Cedi economy means nothing when inflation is still in excess of 30%.
The Minister said this was against the GH¢219.5billion that was inherited from the Mahama administration in 2016.
Presenting the 2024 budget statement on the floor of the House on Wednesday, November 15, the Finance Minister said “The 2024 budget is even more significant because we cross the one trillion Gross Domestic Product (GDP) mark for the first time in our economic history.
“Let me repeat, Ghana’s economy, under President Akufo-Addo, in 2024 final year in office is projected to be valued at over One Trillion Cedis in 2025 from the GHS219.5 billion we inherited in 2016.”
Mr Ofori-Atta further said that the government is now focused on maintaining the growth that the economy is witnessing currently.
He said the government is determined to ensure the stability of the local currency and disinflation over the medium term.
“Our task now is to maintain stability and keep on growing. we are determined to remain on a course of increased growth, currency stability and disinflation over the medium term.
“I am confident that this victory budget will ensure that we boldly walk on a sustainable path toward creating decent jobs and wealth for our people,” the Finance Minister said.
He said the government had turned the corner relative to the economic challenges when it successfully completed the first review of the 3-year 3 billion International Monetary Fund External Credit Facility (IMF-ECF) programme.
“We turned the corner when we completed the IMF first review,” he told Parliament while presenting the 2024 budget statement on Wednesday, November 15.
He further assured that the government is poised to “maintain stability and keep growing. and ensure increased growth, currency stability”
“We turned the corner when inflation started declining from 54 1 in December to 35.2 in October 2023, he added.
“The recovery is indeed real and is here to stay,” he further assured.
Reacting to this in a tweet, Dr Theo Acheampong said “rillion Ghana cedi economy means nothing when inflation is still in excess of 30%.
“It’s actually just $83bn at current exchange rate of USD 1 to GHS12. The finance minister should rather be talking about Gross National Income (total GNI or per capita or growth rate) as one of the better macro indicators of our economic prosperity. I get worried when we ‘abuse’ such indicators in the name of grandstanding.”