Economic growth has failed to have any impact– ISSER.

Economic growth has failed to have any impact– ISSER.

A recent report by the Institute of Social Statistics and Economic Research (ISSER) at the University of Ghana has criticized the government for the lack of tangible benefits to ordinary Ghanaians despite the country's economic growth in the first half of 2024.

According to the report, which assessed the 2024 mid-year budget review, Ghana's overall real GDP growth reached 4.7% in the first quarter of 2024, exceeding the revised annual target of 3.1%. Non-oil real GDP growth was 3.3%, slightly lower than the 3.8% recorded in 2023.

The report noted improvements in macroeconomic indicators, leading to upward revisions in growth rates. The overall GDP growth rate was revised from 2.8% to 3.1%, while the non-oil GDP growth rate was adjusted from 2.1% to 2.8%. The industrial sector led the way with a growth rate of 6.8% in the first quarter of 2024.

However, despite these positive indicators, the report highlighted that many Ghanaians are struggling with increasing hardships due to rising food prices, soaring transportation fares and higher costs of cement and fuel

ISSER described the economic figures as "bittersweet," emphasizing that the growth has not significantly improved the economic situation for many citizens. The report's findings suggest that the government's efforts to boost economic growth have not yet translated to tangible benefits for ordinary Ghanaians.

Also Read: Government to reintroduce road tolls and bridge tolls in 2025.

Source: HR Forum News