'Our market women understand economics better than our leaders' – Economist

Economist and Political Risk Analyst, Dr Theo Acheampong has described the government's target of reaching GH¢1 trillion of GDP in 2024 as 'meaningless' in economic terms.

He argues that the mere projection shows that Ghana’s current economic managers do not understand basic macroeconomics.

Sharing his view on the projection which was contained in the 2024 budget, Dr Acheampong pointed out that market women in Ghana seem to have a better understanding of economics than the country’s leaders and economic managers.

He further questioned why the finance minister [Ken Ofori-Atta] would tout such a projection as an achievement.

“GHS1 trillion GDP in nominal terms is MEANINGLESS in economics. It appears to show that the managers of the economy do not understand basic macroeconomics. I feel that our market women understand better economics than our leaders,” Dr Acheampong wrote.

“If GHS1 trillion, is a "mere projection" as my good friend Sticka says, why should the finance minister tout it as achievement and jubilate,” he added.

Meanwhile, Vice President of IMANI Africa, Bright Simons has also mocked the government’s projection of attaining a Gross Domestic Product of GH¢1 trillion by 2024.

According to him, that would not necessarily be an achievement taking into consideration the current state of the country’s inflation rate and the high exchange rate levels.

Delivering the 2024 budget before parliament on November 15, 2023, the Minister of Finance, Ken Ofori-Atta, said President Akufo-Addo’s last year in office will see the projection of GH¢1 trillion Gross Domestic Product mark for the first time in Ghana’s history.

Expressing confidence in the prospects of the 2024 budget, he said the government will implement fiscal consolidation measures and growth strategies aimed at achieving this target.

“Mr. Speaker, the 2024 budget is even more significant because we will cross the GH¢1 trillion Gross Domestic Product (GDP) mark for the first time in our economic history. Let me repeat, Mr. Speaker, Ghana's economy under President Akufo-Addo's final year in office is projected to be valued at over GH¢1 trillion in 2024 from GH¢219.5 billion in 2016,” Ken Ofori-Atta said.

See Dr Theo Acheampong's tweet below:

GHS1 trillion GDP in nominal terms is MEANINGLESS in economics. It appears to show that the managers of the economy do not understand basic macroeconomics. I feel that our market women understand better economics than our leaders. If GHS1 trillion, is a "mere projection" as my…

— Theo Acheampong, PhD (@mytheoz) November 18, 2023