It said the local economy grew by an average of 3.9 per cent between 2013 and 2016 but surged to an average of 5.3 per cent growth between 2017 and 2020.

Addressing the media on issues of the performance of the NPP government last Tuesday, a development economist and Head of Research of the Danquah Institute, Dr Frank Bannor, said the Ghanaian economy witnessed substantial growth from 3.37 per cent in 2016 to 8.13 per cent in 2017.

Comaprison

“While acknowledging that the 2017 economic growth was largely influenced by the oil sector, similar to the case in 2011, the non-oil sector growth stood at 4.9 per cent in 2017, showing a positive growth from 2016.

“The robust GDP (gross domestic product) growth performance was supported by a significant rise in agricultural GDP growth, climbing from an average of 2.9 per cent between 2013 and 2016 to an average of 6 six cent between 2017 and 2022,” Dr Bannor said.

He said the economy, which was estimated to grow at 7.2 per cent in 2020, however, “suffered the devastating effect of the COVID-19 pandemic, causing growth to plummet to 0.51 per cent, the lowest growth rate since 1983”.

Dr Bannor said the impact of the COVID-19 pandemic on the Ghanaian economy, together with the effect of the Russia-Ukraine war on the global economy in 2020 and 2022, could not be discounted.

“As researchers, we will continue to emphasise that the data speaks to the fact that these two events can never be underrated,” he said.

Dr Bannor said data showed that the NPP held a distinctive track record of performance over the opposition National Democratic Congress, and therefore they were better managers of the economy.

He said detailed analysis and discussion of the facts through research would offer Ghanaians more clarity, information and context on issues of national interest.

The media encounter is intended to be a regular feature of the institute’s activities ahead of this year’s general election, with the institute seeking to prop up the campaign of the NPP and Dr Bawumia.