The Institute of Statistical Social and Economic Research (ISSER) has launched the 30th edition of the State of the Ghana Economy Report (SGER). The Report was launched by Prof. Peter Quartey, Director, ISSER at a ceremony chaired by Mr. Kwamina Asomaning, Chief Executive Officer, Stanbic Bank Ghana.
Prof. Peter Quartey expressed gratitude to individuals and institutions which provided information for the Report. He gave an overview of the comprehensive eight-chapter report. His presentation highlighted global economic developments and Ghana’s economic performance in 2020. It discussed developments in the various sectors of Ghana’s economy including fiscal development, financial and monetary sector, international trade and payments, agricultural sector, industrial sector, services and then an optional sector on banking sector reforms. He noted that the Gross Domestic Product (GDP) has recorded appreciable growth rates since 2020 with oil GDP of 3.9% and non-oil growth of 5.2% recorded. Prof. Quartey emphasised that though Ghana is one of the fastest growing economies, there is the need for higher growth in the labor-intensive sectors such as agriculture and manufacturing as well as with high value addition in order to avoid the jobless growth syndrome.
Prof. Peter Quartey addressing the audience
According to the report, there was some stability in the cedi cumulative depreciation of 4.2% in 2020 against the U.S dollar and 8.2% against the British pound, compared to 2019. 2020 also saw fiscal and monetary slippages but some of the monetary policies the Bank of Ghana put in place alleviated the impact of the pandemic and that helped banks to stay afloat.
The Report further stated that the Information Communication Technology sector saw an impressive 20-30% growth due to increased use of digital platforms as a result of the lockdown and government digitization efforts. However, the hotel and restaurant sub-sectors saw the largest decline and are yet to recover. This is attributed to border closures and the lockdown. The hospitality sector is projected to grow by 5.6% in 2021 as travel and movement restrictions are relaxed following ongoing vaccinations.
The Chapter on Covid-19 highlighted the negative impacts of the pandemic on businesses despite the various interventions. The report called for increased government support to businesses affected by the pandemic to help accelerate recovery and also asked for improved infrastructural development.
On the way forward, the report called for a critical assessment of the taxes which are not yielding the needed revenue. It was recommended that such taxes are scrapped otherwise, they become nuisance taxes that will stifle private businesses.
Rev. Prof. Adobea Yaa Owusu, Immediate Past Head, ISSER Social Division and Prof. Robert Darko Osei, Dean, School of Graduate Studies also presented summaries of two other publications by ISSER: the Impact of the COVID-19 pandemic on Ghana 2020-2021 and the COVID-19 Business Tracker Survey in Ghana reports.
A question and answer session was held after the presentations of the reports.
The United Nations Development Programme (UNDP) Ghana Economic Advisor, Mr. Udo Etukudo, who represented the UNDP Resident Representative, Angela Lusigi, in his remarks lauded the efforts of ISSER in coming out with the publications. He encouraged faculty of the University to deepen research into the obstacles preventing investments in the private and small to medium scale enterprises.
Mr. Udo Etukudo
In his concluding address, Mr. Kwamina Asomaning, Chair of the ceremony, said the release of the SGER report was timely, as the budget for 2022 fiscal year was due to be presented. Thus, the report would serve as in-depth information for government, the private sector, banks and the academia. He urged all stakeholders to come together to put the country on a job-driven recovery path.
The launch was attended by various publics including policy makers, civil society organisations, members of the University community, journalists and students.
Group photo after the launch
