Spio-Garbrah worries about different statistics on economy

Minister of Trade and Industry Dr Ekwow Spio-Garbrah is calling for the harmonisation of statistics and data on the economy.

He expressed worry different figures are peddled, creating trade imbalance in the system.

“Central Bank says this, the economy ministry says that, particular industry groups also say something else.”

He expressed these sentiments at a workshop in Koforidua last week.

“Statistics and data are so weak in general,” Dr Spio-Garbrah said.

“It is not just a Ghana issue. It is an African-wide issue. It is a problem with developing countries.”

According to him, as a result of the different figures peddled about these economies, global financial agencies such as the International Monetary Fund (IMF) are presented with difficult tasks as they sometimes work with wrong figures.

Statistics on the Ghanaian economy has been a major issue between government and the opposition New Patriotic Party with the likes of Dr Mahamudu Bawumia, a former Deputy Central Bank Governor, questioning some of the figures presented to the public.

He has, for instance, described some of the figures presented in the 2015 budget as "lacking credibility."

“How can an economy which went through so much turmoil in 2014, with a 31% depreciation of the currency and massive load shedding, register real GDP growth of 6.9% only to decline sharply to 3.9% when the government claims the economy is in recovery? Is the recovery in reverse gear? Something is not quite right with the numbers.”