Economic rebound: 2024 ends at 5.7% growth – Gideon Boako

Ghana’s economy recorded a real GDP growth of 5.7% in 2024, exceeding the initial budget target of 3.1%, which was later revised to 4%.

This marks the highest economic growth rate since 2020 and signals a strong recovery from the global economic downturn of previous years.

Announcing the figures, the Tano North Member of Parliament Dr Gideon Boako highlighted the resilience of the economy despite prevailing global challenges.

“The Ghana Statistical Service in today’s announcement puts Ghana’s real GDP growth for 2024 at 5.7%. The budget target was 3.1%, revised to 4%,” he noted.

This latest economic performance follows a steady recovery in 2023, when Ghana’s GDP grew by 2.9%, surpassing the 1.5% target for that year. The upward trend is seen as evidence that the economy has successfully rebounded, defying earlier concerns about instability.

“The release of GDP figures also confirms that the rebound in the economy was real,” Dr Boako asserted. He attributed this progress to policies implemented by the previous NPP administration, which helped restore confidence in key sectors.

Despite the positive economic indicators, Dr Boako criticised the current National Democratic Congress (NDC) administration for misrepresenting Ghana’s economic situation.

He argued that the strong economic growth figures contradict claims that the economy was mismanaged by the previous government.

“The NDC, since assuming government, has been claiming the economy was badly managed by the NPP. These developments showed that the economy was doing well before the NDC took over,” he stated.

However, concerns remain over the credibility of fiscal data released by the Finance Ministry. Dr Boako accused the Minister of Finance of attempting to manipulate financial reports to support the NDC’s narrative of inheriting a struggling economy.

“The Minister should be candid enough to report only verified data, as his primary responsibility is to make payments only based on verified claims,” he stressed.

He called for transparency in government reporting to ensure accurate economic assessments for future policymaking.