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GHANA WEATHER

Ghana is amongst the fastest growing economies in the world

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The Minister Finance, Ken Ofori Atta has proclaimed that Ghana is counted amongst the fastest growing economies worldwide under the New Patriotic Party, (NPP), administrations led by Nana Addo Dankwa Akufo-Addo.

Mr.  Ofori Atta during the presentation of the 2020 budget in Parliament revealed that for the last two years (2018 and 2019), Ghana has been amongst the fastest growing economies in the world, stressing the point…..”Ghana’s recent growth has not been primarily driven by oil, it has been more broad-based”.

He said non-oil GDP has increased from 4.6% in 2016 during NDC regime to 6.5% in 2018 during NPP regime, and is projected to reach 6.0% in 2019 and 6.7% in 2020, respectively, subject to the implementation NPP promised “flagship programmes”.

The Minister maintained that,  “the increased economic growth has been the result of increased agricultural and industrial output. As a result of the successful Planting for Food and Jobs Program, agricultural GDP growth has increased from 2.9 percent in 2016 to 4.8 percent in 2018 and projected to reach 6.4 percent in 2019”.

“It is heartening to note that unlike in the past, Ghana has not had to import maize for food consumption in the last two years”, he claimed.

According to him, the industry has also seen a recovery with  increasing growth from 4.3 percent in 2016 to 10.6 percent in 2018, and projected to grow by 8.8 percent in 2019.

The restoration and sustainability of macroeconomic stability has been a cornerstone of the economic policy of President Akufo-Addo’s government, he noted by alluding to the fact that “without macroeconomic stability, all the goals that we have set for ourselves as a country will not be achieved”.

The he fiscal deficit (on cash basis) as reported in the budget has fallen from 6.5% of GDP in 2016 to 4.5% of GDP in September 2019.

“For the first time in a decade, Ghana recorded primary surpluses (that is our tax revenues exceeded all government spending—excluding debt service payments) for two years in a row. That is real change”.

Story filed by Edzorna Francis Mensah

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