Ghana’s economy not fully recovered despite 5.4% growth – Prof. Baah Boateng

Foodstuffs Sun.png Food prices on the increase

Wed, 18 May 2022 Source: www.ghanaweb.com

Economy is rebounding, Finance Ministry

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5.4 percent growth recorded last year,GSS

Economist at the University of Ghana, Prof. William Baah Boateng, has noted that Ghana’s economy despite the positive indication of the growth of 5.4% recorded in 2021, has still not fully recovered from the effects of the COVID-19 pandemic.

Contributing to a discussion on recent labour agitations on the economy, he noted that there are still aspects of the economy that need to be worked on to build resilience from future attacks.

Speaking on JoyNews, Prof. Baah Boateng noted that external factors such as the ongoing Russia-Ukraine war could erode some gains that have been made so far.

“The recovery can be described as 60 percent, adding that there is still some more work to be complete,” he added.

He however projected that full recovery should be expected in the next two years.

Latest data from the Ghana Statistical Service revealed that GPD estimates for 2021 indicated that the economy grew by 5.4 percent and 5.9 percent for Non-Oil Growth.

The Economist also wants the Ghana Revenue Authority to review its approach to tax collections in order to achieve its revenue target for the year.

According to him, “it’s unfortunate that everything has been about the E-Levy.”

He noted that government could have used a different approach to collect taxes on electronic transactions instead of taxing consumers.

“If MTN for instance is making ₵1 billion on the charges then, that 1 percent should have been placed on that rather.”

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Source: www.ghanaweb.com
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