Economist Criticizes Government’s GH¢1 Trillion GDP Target, Questions Economic Understanding

Economist and Political Risk Analyst, Dr. Theo Acheampong, has cast doubt on the economic feasibility of the government’s ambitious target to achieve a GH¢1 trillion Gross Domestic Product (GDP) by 2024, labeling it as “meaningless” in economic terms. Dr. Acheampong expressed his skepticism, stating that the projection reflects a lack of understanding of basic macroeconomics by the country’s economic managers.

In a scathing critique, Dr. Acheampong compared the economic acumen of market women in Ghana to that of the nation’s leaders, suggesting that the former might have a better grasp of economic principles. He questioned the Finance Minister, Ken Ofori-Atta, for touting the GH¢1 trillion GDP projection as an achievement, emphasizing that such a nominal figure lacks substantive economic significance.

“If GHS1 trillion is a ‘mere projection,’ as my good friend Sticka says, why should the finance minister tout it as an achievement and jubilate?” Dr. Acheampong queried, highlighting the apparent contradiction between the projection and the celebration surrounding it.

Meanwhile, Bright Simons, the Vice President of IMANI Africa, also derided the government’s GDP target, asserting that achieving GH¢1 trillion would not necessarily be an accomplishment considering the prevailing high inflation rates and exchange rate levels in the country.

The government, in presenting the 2024 budget on November 15, 2023, outlined its ambitious goal of surpassing the GH¢1 trillion GDP mark. Finance Minister Ken Ofori-Atta expressed confidence in the prospects of the 2024 budget, citing fiscal consolidation measures and growth strategies as key drivers toward achieving this historic economic milestone.

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The skepticism voiced by economists and analysts like Dr. Acheampong and Bright Simons underscores the need for a thorough examination of the economic assumptions and policies underpinning the government’s projections. As Ghana charts its economic course toward the GH¢1 trillion GDP target, the ongoing discourse raises questions about the realism and sustainability of such ambitious economic goals.