UG Professor questions sustainability of Ghana's recent economic growth amid challenges

An economist at the University of Ghana, Professor Lord Mensah, has raised concerns about the sustainability of the country's recent economic growth.

According to the UG don, despite Ghana's economy growing by 6.9% and projections indicating an average growth rate of 3.4% by the end of the year, celebrating these figures is premature.

In a social media post on September 19, 2024, Professor Mensah highlighted issues that undermine the positive economic indicators.

“Ghana's economy has grown by 6.9%, likely to end the year at an average of 3.4%. But I will not celebrate economic growth on the heels of unemployment, the distraction of water bodies and forests, and the increase in food prices. Obviously, not people-friendly growth. Sustainable?” he said.

Recent figures released by the Ghana Statistical Service show that Ghana's economy witnessed an expansion in the second quarter of the year (April to June 2024).

Additionally, the country's provisional Gross Domestic Product estimates were pegged at 6.9 percent during the period, exceeding an earlier projection set around 3.3 percent.

The Gross Domestic Product (GDP) measures the value of final goods and services produced in Ghana, regardless of nationality.

Moreover, GDP growth indicates whether the economy is expanding, stable, or contracting.

Subsequently, government departments, including the Central Bank, use GDP rates to make decisions about fiscal, monetary, real, and social statuses.

AM/KA