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Godfred Alufar Bokpin is at the University of Ghana
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A professor of finance at the University of Ghana observed that government can do more despite its enviable macroeconomic indicators compared to its processor.
According to Godfred Alufar Bokpin, The human development index, the social progress index, the happiness index, among others, constitute a preferred standard for measuring economic performance.
"Gross domestic product [GDP] growth is not enough. In the 1930s, when the concept of GDP growth had become a measure of economic growth, it had its own weaknesses, but we have experienced it so far and that is why other indicators have been developed.
"Let's see what we can do and compare ourselves with our peers in the middle-income system, it will be very useful," he told Daniel Dadzie Thursday at the Joy FM Super Morning Show.
Alufar Bokpin was speaking at the end of Wednesday's meeting organized by the Economic Management Team (EMT) in Accra.
At a presentation with figures, graphs and illustrative gestures, the president of the EMT, Vice President, Dr. Mahamudu Bawumia, said that the government had revived the dead economy which had been left to them and removed from the International Monetary Fund. [IMF].
"The economy ended in 2012 with a budget deficit of 12.2% of GDP, 11.7% in 2013, 11.9% in 2014 before falling back to 6.7% in 2015, but rose again to reach 9.3% in 2016.
"We recorded for the first time in Ghana's history double-digit budget deficits in three consecutive years and sank into a deep budget deficit. Debt accumulation has begun, debt service has become heavy for the budget, inflation has risen, external trade balances have deteriorated and the economy has become increasingly vulnerable to external shocks ", he said.
In contrast to the government's resurgence in the economy, he said, "the ability of the economy to produce goods and services, as measured by real GDP growth, is increasing. .
"Growth for 2017 was 8.1%, significantly outpacing the average growth of Sub-Saharan Africa (SSA) by 2.7%. GDP growth remained robust in 2018, nearly double the average growth in sub-Saharan Africa, "said the vice-president to public applause.
But Alufar Bokpin, who will take nothing away from the Akufo-Addo government in managing the economy, said: "Certainly, we have made progress over the past two years, but we could have done better."
He wants the government to fully exploit the potential of the economy for the development of the population.
Quoting deficits in revenue mobilization, he lamented that "the previous government's revenue envelope has remained below average until now. More than six million people are in a position to pay taxes, but only 1.5 million people pay taxes in the country, "he said.
The speaker added that "the debt sustainability badysis conducted in Ghana suggests that the country has not made enough progress".
He concluded that, as commendable as the recent cleaning of the banking sector is, the government needs to put more effort into freeing up money, blocking some investment portfolios such as Menzgold, and many more. others for the fluidity of the economy.
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