Economy made great strides in 2014 – Spio

Trade and Industry Minister Ekwow Spio Garbrah has said despite a relatively low growth rate projection for 2014, and the associated economic challenges, Ghana made great strides for that year.

The “economy made some great strides in 2014 albeit some turbulence with regard to the country’s exchange rate.”

The value of the local currency fell by 40 percent against the Dollar and other major currencies of international trade last year.

It gained marginal stability in the last quarter of 2014 following the infusion of $2.7 billion into the economy.

Speaking at the 3rd edition of the Ghana economic outlook and business strategy conference of 2015 held in Accra on the theme: “Diversifying Ghana’s economy through sustained export trade,” Spio Garbrah said the consistently low growth rate projects made in the budget in the past four years does not mean the economy is doing badly.

“The country has been growing consistently above average for the sub-Saharan African region and when you are talking about Europe, even large countries like Germany, fairly strong economies that are doing less than 2 percent growth, some doing negative growth in many parts of Europe, you then can understand when we talk about 7 percent, which seems very low because we did 14 percent once, only three, four years ago, and we were the world’s fastest growing country at that time, so when you grow 14 percent and you start growing at 7 percent you feel you are not doing very well but it is when you compare yourself to those who are doing one percent, two percent, minus one, minus two, minus three then you begin to appreciate how well you are doing,” he said.

“So we can always do better but we are not doing as badly as some may wish to suggest,” the former Flag-bearer aspirant said.