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
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