The Director of Communications for the New Patriotic Party (NPP) Richard Ahiagbah has said that Ghana’s economy is regaining its strength as seen in the growth of the Gross Domestic Product (GDP).
The GDP in volume terms was estimated to have increased by 4.7 % in quarter 1 (January to March) of 2024 compared to the same period in 2023, the Ghana Statistical Service (GSS) has announced.
When seasonally adjusted, Ghana real GDP increased to 1.2% in quarter one (January to March) of 2024; a 0.2 percentage point higher than what was recorded in quarter four (October to December) of 2023.
The drivers of growth in Quarter 1 2024 are: Mining & Quarrying (12.9%) and contributed 1.48% to the overall growth; Information & Communication (17.9%) and contributed 1.01% to the overall growth; Crops (4.3%) and contributed 0.74% to growth; Construction (8.2%) with a contribution of 0.51%; and Accommodation and Food Service Activities (9.4%) with a contribution of 0.36%.
Five sub-sectors contracted in quarter four of 2023: Health (-8.8%); Electricity (-7.5%); Public Administration (-5.3%); Education (-4.9%); Other Personal Service Activities (-2.9%); and Forestry & Logging (-1.2%).
Gross Domestic Product (GDP) growth is the main indicator of economic performance. There are three approaches used to measure GDP: the output approach, the expenditure approach, and the income approach.
Commenting on this on his X platform, Mr Ahiagbah said “The economy is on a steady rebound. The first quarter of 2024 saw an impressive 4.7% GDP growth, outpacing the 4.2% growth in 2023. Ghana, like all nations, is striving to enhance conditions for its citizens.
“The NDC campaign is to distort the economic record of this government to undermine its remarkable achievements by focusing solely on the present economic challenges. However, Ghanaians recognize that it was the disruptions caused by COVID-19 and the Russia-Ukraine War that impacted the unprecedented 7% average GDP growth in our first term. Now, we are reclaiming our momentum and have the potential to surpass the 7% average growth in 2017, 2018, and 2019.
“Let’s embrace the solution-led optimism of Dr. Bawumia and reject the baseless pessimism of the others. Kudos to the Finance Minister, Dr. Amin Adam.”