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Vice President of think-thank IMANI Centre for Policy and Education,\u00a0Bright Simons, has highlighted a drop in Ghana\u2019s share of the African economy.<\/p>\n
He noted that as 1960, Ghana\u2019s share of the African economy was about 4.54% but by 2023, the figure has dropped to 2.35%.<\/p>\n
\u201cSomething seems to have happened in 1960 \u2013 call it the \u201c1960 cliff\u201d \u2013 Ghana seemed to have lost some edge thereafter. Recovery in 90s not enough,\u201d he opined.<\/p>\n
According to him, Ghana\u2019s longest & highest growth hike was from 2004 to 2013, when Eurobonds and oil were discovered during the same period, but, \u201conce again, I think there is something we are missing.\u201d<\/p>\n
In response, Economist, Cadman Atta Mills noted that he fail to grasp what is perplexing about the decline in Ghana\u2019s share of the African economy.<\/p>\n
\u201cFirst, Ghana\u2019s growth rate diminished spectacularly in the 1970s. Also, even during 1960 \u2013 1965 the most populous and biggest economies (Egypt, Nigeria, South Africa, etc.) grew faster. Thus, drop in Ghana\u2019s share (1960 \u2013 2023) is logical,\u201d he explained.<\/p>\n
Bright Simons replied saying, \u201cThe 1970s collapse is very well known. However, for the 60s, the conventional thinking usually is that the dip happened in 1964 & then recovered in 67. Only by comparative analysis can one make the claim that there was a secular decline in competitiveness from 1960 onwards.\u201d<\/p>\n
\u201cWorst growth lull was between 1971 and 1984. Lowest troughs in that period: 1975 (worst ever) -12.43%, 1976 -3.53%; and 1981 to 1983 (when the avg GDP growth rates was roughly -5% per year). You might note that the 70s collapse occurred around the same time as the Arab oil shocks,\u201d Mr Simons added.<\/p>\n
\nCurious fact I\u2019m musing on tonight.<\/p>\n
In 1960, Ghana\u2019s share of the African economy was about 4.54%. By 2023, it had dropped to 2.35%.<\/p>\n
Something seems to have happened in 1960 \u2013 call it the \u201c1960 cliff\u201d \u2013 Ghana seemed to have lost some edge thereafter. Recovery in 90s not enough. pic.twitter.com\/3ElWP9UnMP<\/a><\/p>\n
\u2014 Bright Simons (@BBSimons) January 20, 2024<\/a><\/p>\n<\/blockquote>\n
source:tigpost.co<\/p>\n
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