The Third Edition of the ABC News Economic Symposium on the theme “The State of the Ghanaian Economy” was on Monday, September 16, 2024 held at the Windy Lodge Hotel in Winneba with Finance and Economics Lecturers from some of the leading universities in the country as speakers.
The event, organized by the ABC Newspaper with the Effutu Municipal Chief Executive, Hon. Alhaji Zubairu as the Guest of Honour had the various speakers touch on a number of issues including the behaviour of the Ghanaian Economy, the management of the economy under successive regimes in the Fourth Republic, challenges and gains made in the past seven years under the Akufo Addo administration as well as the impact of the Free Senior High School Policy on the general development of the country.
The main Speakers at the function were Professor Isaac Boadi, the Dean of the Faculty of Accounting and Finance at the University of Professional Studies in Accra, Dr. George Domfe, a Development Economist and Senior Research Fellow at the Centre for Social Policy Studies at the University of Ghana, Legon and Dr. Frank Bannor, an Economist and Head of Research at the Danquah Institute with the Managing Editor of the ABC Newspaper, Mr. Gordon Asare Bediako as the Moderator.
The various presentations by the University Dons offered hope in the country’s economy in the light of recent strong, bold and decisive steps taken by the Government to improve management of the fiscal space.
In his delivery, Dr. George Domfe noted that the economic growth recorded for the first quarter of 2024 as reported by the Ghana Statistical Service offered hope that, sooner than later, Ghana will be out of the woods.
According to him, the economy recorded a 4.7% growth rate in the first quarter of 2024 an improvement on a 3.1% growth rate figure recorded for the same period in 2023.
“The economy is expected to end the year with a growth rate of 3.1%, as revised up from 2.8%, and this is positive. To determine the performance of an economy, the rate of growth is what is key, and as we can all see, the signs are positive. This is why I am optimistic about the future of the economy,” he said.
He further stated that inflation has been on a declining trajectory, recording 20.4% as at the end of August. This, he said, is a reduction of 33 percentage points from 54.1% recorded in late 2022.
Touting the gains made in the past seven years in his speech, the Effutu Municipal Chief Executive, Hon. Alhaji Zubairu Kassim intimated that the Country has over the period recording significant changes and improvements in the development trajectory.
He however noted that some challenges including the negative effects of the Covid -19 Pandemic coupled with the on-going Russia-Ukraine war threatened to derail the progress made in the economy.
Hon. Zubairu Kassim stated that the Government of Ghana, despite the setbacks has worked around the clock by turning around the economic fortunes of the country and investing heavily in infrastructure and social development amongst which he mentioned a number of landing beaches and habours including the Winneba Landing Beach constructed during the period under review to boost the local economies by creating jobs for the teaming youth in the coastal areas of the country.
The Effutu MCE also seized the opportunity to highlight some of the numerous developmental projects initiated by the Effutu Member of Parliament, Hon. Alexander Afenyo- Markin. They included schools, health centres, community centres, ultra- modern libraries, Police and Fire Service stations constructed in various parts of the Municipality.
STORY BY: CHARLES BAAH ABOAGYE -ISD
Last modified: September 16, 2024
