Samuel Ofosu-Ampofo and John Mahama listening to Prof. Charles Chukwuma Soludo
A FORMER Governor of the Central Bank of Nigeria (CBN), Professor Charles Chukwuma Soludo, on Friday commended Ghana highly for doing better than his home country, especially in the areas of macro-economic stability and fiscal performance.
Prof. Soludo, who was speaking at the maiden Amissah-Arthur Memorial Economic Forum as the guest speaker, lauded Ghana’s stability and improvement in its economic management over the years.
Unlike previous events which witnessed propaganda-laced deliveries by speakers and cast the ruling party in bad light, the Nigerian economist was straight to the point to the seeming surprise of his audience, most of whom were NDC leaders.
According to him, the feats chalked up by the Akufo-Addo government had made Ghana one of the giants in West Africa and Africa as a whole.
“Ghana is doing relatively well comparatively. On the size of GDP, Ghana is now the 10th largest in Africa as of 2018. Remember what I said about the B (biggest) – 10 countries with GDP growth averaging over 6 per cent recently. Nigeria is stuck at 2 per cent, just for context. Unemployment less than 3 per cent, Nigeria is at 23 percent; while youth unemployment is about 13 per cent, Nigeria’s is 36 per cent. And poverty index – 8 to 10 per cent depending on the measure of poverty, whether you use 1.5 dollars or 1.9. Nigeria, some people now characterise us as a poverty capital of the world,” he said.
Ghana’s inflation rate which has hit single digit for many months and is currently at 9 per cent did not escape the analysis of Prof. Soludo.
Prof. Charles Chukwuma Soludo
Peace Index
“If you go by the publication by the Friends of Peace, on the fragile states index, Ghana is the most stable country in West Africa. Ghana is ranked 110th out of 178 countries in the world and Nigeria ranks 14th with Yemen and Somalia ranking 1st and 2nd respectively. So you can put the context. It’s ranked from the worst to the best. Nigeria is on the red alert list and you guys are competing with most several of the developed countries of the world.
“So, there is something to often have some fear. I present comparative figures for Nigeria and not just because it is your West African neighbour, but as Africa’s largest economy and whose structure is similar to yours, largely dependent on primary commodities.
“Whatever Ghana is doing to produce these results including its macro-economic stabilization especially fiscal consolidation and structural policies, it must intensify albeit with continuous innovations and reforms. Comparisons are not to make you complacent or depressed, but to put your efforts in context. Never take what you have achieved for granted,” he added.
The World Bank has projected Ghana’s growth target for 2019 to be 7.4% – an industry-driven progress especially by oil, gas and mining.
With manufacturing expected to post a higher growth and a medium-term (2019-2022), overall GDP is projected to grow on average at 7.0%, as the effects of oil on growth declines and non-oil growth strengthens.
The visiting former Governor did not overlook the President’s flagship initiatives when he advised the inclusion of ‘One Village, One Clinic’ which he said should be powered by technology to improve living standards of the people.
By A.R. Gomda