Prof. Lord Mensah is an Economist
Economist, Professor Lord Mensah, has stated that the growth Ghana has witnessed as stated by the Ghana Statistical Service in its latest release is not being influenced by real economic activities.
According to him, this means that the growth is being influenced by the government’s spending and is an indication that the country is not out of the woods yet.
This comes on the back of claims that the Ghanaian economy is recovering after it posted a 3.2 percent slow growth in the second quarter of 2023.
He said: “What we are seeing now is that government’s spending is driving this expansion, for the second quarter of this year and not real economic activities undertaken by businesses.”
Ghana’s economy witnessed an expansion by 3.2 percent in the second quarter of 2023 (April-June) compared to same period in 2022.
According to provisional estimates released by the Ghana Statistical Service, the country’s real Gross Domestic Product (GDP), when seasonally adjusted rose by 0.7 percent in the second quarter of the 2023.
This represents a 0.1 percentage point lower than the figure recorded in the first quarter of 2022.
The GSS estimates further detailed key sectors of the economy which experienced the expansion.
For instance, the Service sector, Information and Communication sub sector grew from 4.7 percent in the first quarter of 2023 to 5.6 percent in the second quarter of 2023.
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