Cursory look at the real GDP growth “Appendix 1A” in the budget read by Finance minister, Ken Ofori attah. Compairing 2016 & 2017 figures;
Especially the various components which contributed to the GDP of 7.9 as at September, 2017. Which fall short of 8.5 projection made by the previous managers of our economy.
Note. 7.9 success would have been mirage if previous government hadn’t laid good foundation. #JMLegacy
*Agriculture* declined from 18.9% in 2016 to 18.5% in 2017
*Industry* – it peak from 24.3% in 2016 to 25.6% in 2017 & had contributed significantly to the GDP because of upstream sector of the petroleum industry where TEN field joined the existing IOCs in exploration and production.
So yes, one cannot begrudge those of the view that the macroeconomic indicators look good but ordinary Ghanaians are still battling with poverty and their pockets are dry. It’s so, because , we’re trumpeting oil economy and not many of our citizens are engaged in that sector – upstream sector. The bare fact is, chunk of monies generated there end up in the hands of expatriate which they remit to their home countries?
*Services.* – Declined from 56.8% in 2016 to 55.9% in 2017. There’s a major fall in *Health and social work* under *Services* from 16.5% in 2016 to 5.3% in 2017
Why the decline despite the huge legacies left behind by Mahama in that sector? Nana addo why?
Under *Services* again despite all the huge investment in the Communication sector – *information and communication* component in the services has also seen sharp decline, not 5, not 6, not 7, not 8, not 9, but 10%, which is from 21.7% in 2016 to 10.7 % in 2017
We know economies elsewhere in the world which are ICT driven , so why in our case within 10 months records time there is such huge decline. We need to know Madam Ursula?
Nana addo why?
2016 our debt accumulation rate was 14.02% lower than the average debt accumulation rate of 36% today .
The total debt at the end of September 2017 should be GHC138.9Billion implying that in 10months up to September , 2017 the government borrowed GHC17Billion and with borrowing in October, November and December 2017 including the Energybond the borrowing maybe more than Ghc24Billion in 2017 alone.
Credit: Zoom Quality