IMANI President takes a swipe at Gov’t for 2.7% GDP growth in 2024 as against 11.1% GDP growth by terrorist, coup-hit Niger

The country is currently under an IMF-supported programme aiming to restructure some $10bn of its $29bn external debts after successfully re-structuring over GHS 203bn ($16.9bn) in domestic debt.

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President of Think Tank, IMANI Ghana, Franklin Cudjoe, has taken a swipe against the Government, describing Government as being full of “chest-thumping incompetent talkertives”.

Mr Cudjoe in a social media post on Thursday, noted that despite being hit with coups as well as being adversely impacted by the Covid-19 pandemic and the Russian-Ukraine war, African countries like Niger, Burkina Faso, and Libya are projected by the IMF to record real GDP growth of 11.1%, 6.5% and 7.5% in 2024 respectively.

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Ghana on the other hand, despite experiencing the same level of adverse economic impact of the Covid-19 pandemic and the Russian-Ukraine war and being fortunate enough not to be hit with a coup, barely manages a 2.7% real GDP growth in 2024.

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“Niger, Burkina Faso, both paralysed by terrorists and ruled by military junta are projected to grow in real terms by 11.1% and 6.5% respectively. Add Libya, a country balkanised and controlled by blood thirsty maniacs will grow at 7.5%. Nine (9) other African countries projected to grow at least 6%. Note these African countries were not spared the ravages of Covid-19, Russia’s war on Ukraine and also by Israel’s war on Gaza.

“Our beloved country, ramshackled economically by neither terrorists nor the military, but by chest-thumping incompetent talkertives will manage 2.7%, that is if they do not finish selling the country to buy votes during the elections in 2024,” Mr Cudjoe wrote on social media.

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According to the IMF’s October 2023 World Economic Outlook for 2024, Niger, Senegal, Libya, Rwanda, Cote d’Ivoire, Burkina Faso and Benin will be among the fastest-growing economies in the World.

Macao SAR and Guyana in the Asia Pacific and Americas respectively, are projected to be the two fastest-growing economies in the world recording 27.2% and 26.6% real GDP growth in 2024.

Country Region GDP Growth 2024 (%)
🇲🇴 Macao SAR Asia Pacific 27.2
🇬🇾 Guyana Americas 26.6
🇵🇼 Palau Asia Pacific 12.4
🇳🇪 Niger Sub-Saharan Africa 11.1
🇸🇳 Senegal Sub-Saharan Africa 8.8
🇱🇾 Libya Middle East and North Africa 7.5
🇷🇼 Rwanda Sub-Saharan Africa 7.0
🇨🇮 Côte d’Ivoire Sub-Saharan Africa 6.6
🇧🇫 Burkina Faso Sub-Saharan Africa 6.4
🇧🇯 Benin Sub-Saharan Africa 6.3
🇮🇳 India Asia Pacific 6.3
🇬🇲 The Gambia Sub-Saharan Africa 6.2
🇪🇹 Ethiopia Sub-Saharan Africa 6.2
🇰🇭 Cambodia Asia Pacific 6.1
🇹🇿 Tanzania Sub-Saharan Africa 6.1
🇧🇩 Bangladesh Asia Pacific 6.0
🇩🇯 Djibouti Middle East and North Africa 6.0
🇧🇮 Burundi Sub-Saharan Africa 6.0
🇵🇭 Philippines Asia Pacific 5.9
🇻🇳 Vietnam Asia Pacific 5.8
🌍 World Average 2.9

Ghana’s subdued real GDP growth rate for 2024 is on the back of its current macroeconomic crisis resulting from its unsustainable debt due to over-borrowing and the loss of its access to the international capital markets.

The country is currently under an IMF-supported programme aiming to restructure some $10bn of its $29bn external debts after successfully re-structuring over GHS 203bn ($16.9bn) in domestic debt.

Source: Norvanreports

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