Ghana’s Economy Doing far Better than the Gloomy picture NDC is Painting – Danquah Institute’s Head of Research

Economist and Research Fellow at the Danquah Institute has emphasized that Ghana’s economy is not as gloomy as the opposition NDC makes it appear.

Frank Bannor, PhD, a Development Economist and the Head of Research at the pro-NPP Tink Tank, addressing the press, observed that the real situations on the grounds are being misrepresented.

“A lot of misrepresentations are often made about the Ghanaian economy and as an Institute with the welfare of the ordinary Ghanaian at heart, we have a duty to speak to the real facts about the performance of the economy” he said.

According to Dr. Frank Bannor, the opposition party is only playing on the emotional keyboards of the people with the intention of winning political power. He said that is detrimental to Ghana’s democratic credentials.

“Riding on the emotions of Ghanaians to perpetrate half-truth in anticipation to win political power could be detrimental to our democratic gains as a nation!”

He reiterated the resolution of Danquah Institute to present a truer and accurate information about the state of the economy.

“Danquah Institute, we have a firm belief that a detailed analysis and discussion of facts through research and data provides the good people of Ghana with more clarity, information and context on national issues of interest” he said.

Danquah Institute, he indicated, has followed with keen interest the discussions pertaining to Dr. Bawumia’s speech on his vision for Ghana if elected president in the 2024 elections.

“In the wake of the bold vison statement by the Leader and Flagbearer of the New Patriotic Party on Wednesday 7th February, 2024, the Danquah Institute has followed with keen interest the discussions across the different media landscape”

According to Dr. Bannor, the Institute, through this presser, is presenting to the Ghanaian people, facts that are related to the vision statement emphasizing GDP growth, inflation, exchange rate, debt-to-GDP, fiscal policy, credit rating and primary balance.

These macroeconomic indicators, he explained, are key pillars of every economy and they provide the fundamental building blocks that will ensure sustainable development for Ghana.

The understanding provided for such issues to enable the Ghanaian listener/viewer who is interested has not been strong enough, and that there are many issues that need more detailed discussion which would be done through research to further enhance these discussions, Dr. Bannor explained.

The media encounters, the Institute believes, will provide more information and clarity on issues to fill a likely gap existing as a result of misinformation and false propaganda by the opposition NDC and their allies.

Such critical information and knowledge would by all rights and standards provide clarity on pertinent issues going forward, according to the Institute.

The economist provided data to prove that what Vice President Mahamudu Bawumia said about the economy is true.

In 2011, immediately after commencement of the oil production in commercial quantity, the country recorded a historical GDP growth rate of 13.95% in 2011, according to Dr. Bannor.

“This growth rate continuously declined to 2.86% in 2014 and further down to 2.12% in 2015 before rising marginally to 3.37% in 2016” he further stated.

“Friends from the media, our research confirms that, Dr Bawumia rightly pointed to the fact that between 2013-2016, Ghana’s GDP growth averaged 3.9%”

He continued: “Comparatively, as Dr. Bawumia emphasized, between 2017 and 2020, GDP growth surged to an average of 5.3%. The Ghanaian economy witnessed substantial growth. From 3.37% in 2016, the economy remarkably grew to 8.13% in 2017”

Dr. Frank Bannor adduced further data to substantiate the position that Ghana’s economic situation is not as gloomy as it’s being portrayed, a situation that confirms the position of Vice President Mahamudu Bawumia when he presented his vision to the Ghanaian electorate.