Economist scores Akufo-Addo’s 70% on economy

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An Economics Professor at the University of Ghana Dr Priscilla Twumasi-Baffour has applauded the Akufo-Addo administration for its prudent economic management skills.

She scored the current administration 70 per cent for its performance in managing key macroeconomic indicators such as economic growth and interest rates, the performance of different sectors of the economy and initiatives taken by the government.

Dr Twumasi- Baffour was contributing to a discussion organised by Joy FM to assess the performance of the current NPP administration under the leadership of President Akufo-Addo after almost two years in office.

“Currently we are operating under the extended credit facility under the World Bank which we subscribed to in 2015. Under the programme we were struggling because we needed to stabilize the macroeconomic environment, we needed credibility for policy and support essentially the significant depreciation of the cedi at that time. When you look at the GDP trajectory at that time, in 2014 we grew at 4%, 2015 we grew at 3.8% and in 2016 we grew at 3.7%. Coming to the NPP era, in 2017 growth was 8.4% and the projected growth for the end of 2018 is 6.3%. So looking at these numbers I will say that we are on the right course,” she said.

The economist also said the non-oil growth in terms of GDP was also not doing badly.

She, however, underscored the need for government to be more discipline in prudent spending in post-IMF.

“We will have to be more discipline to consolidate the gains that have been made so that we don’t run back to the IMF to bail us out. In terms of the President’s own Ghana beyond aid description, taking our own destiny into our own hands and managing our affairs well,” she added.

Dr Twumasi-Baffour urged government to address the revenue shortfalls and the fiscal slippages and cautioned against been over-ambitious in revenue target and based on that go out spending.

The Minister for Monitoring Professor George Yaw Gyan-Baffour who also joined in the discussion responded to why the promised 51 factories as of the end of 2017 have not been achieved.

“When the government said it is going to start 51 factories, it was not said that at the end of the year you can go and the factories will be producing…,” he explained.  He added that the factories “do not go up overnight.”

Professor Gyan-Baffour said, “You start with identifying where to put up the factory, you need to have access to road, ensure electricity supply and even sometimes import raw materials”.

“I am sure within the next two years; you will see some of these factories running. I do not think it is something that cannot be achieved,” he added.

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