Ghana’s Economy Is Growing – Yofi Grant

Yofi Grant, the Chief Executive Officer, of Ghana Investment Promotion Centre (GIPC), has stated that despite Ghana’s inflation rising, the economy is growing.

According to him, the country’s economic growth and outlook continue to be positive.

He stressed that the fundamentals of Ghana’s economy are resilient and strong and not as weak as perceived to be.

“As we speak right now, I am still trying to find any major country that has been able to battle inflation. It’s not just inflation but about growth. Our economy has been growing despite the fact that inflation is at that level. Our economy is very different from those economies.

“We’re seeing larger economies also riling now; like Nigeria. We’ve seen the US economy has inflation at a 40-year high; we’ve seen the UK economy [with] the same problem, the same with Canada.

“So, it’s not one that you isolate and say because of inflation, then it means everything else is crumbling,” Yofi Grant told the BBC.

Ghana’s year-on-year inflation shot up from 2.2% to 29.8% in June, 2022, according to data from the Ghana Statistical Service (GSS).

This is the highest recorded since December, 2003.

Currently, the country is seeking a bailout from the International Monetary Fund, IMF.

This, Yofi Grant, has indicated that should not be interpreted wrongly.

“Let me point out a few things to you; prior to Covid, our economy was probably one of the fastest growing in the world. Even in the Covid times when many economies were riling, the Ghanaian economy grew by 0.5%, but it was still positive.

“I saw an article written by an economist which says that ‘isn’t President Akufo-Addo or Ghana going back on its word on Ghana Beyond Aid?’ Absolutely no!

“We are not going for aid, free money. We are all members of the IMF so we put money there. It’s like a lender of last resort,” Yofi Grant stressed.