{"id":265453,"date":"2024-12-14T12:15:25","date_gmt":"2024-12-14T12:15:25","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/14\/the-economy-has-grown-but-its-not-trickling-down-to-the-masses\/"},"modified":"2024-12-14T12:15:25","modified_gmt":"2024-12-14T12:15:25","slug":"the-economy-has-grown-but-its-not-trickling-down-to-the-masses","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/14\/the-economy-has-grown-but-its-not-trickling-down-to-the-masses\/","title":{"rendered":"The economy has grown, but it’s not trickling down to the masses"},"content":{"rendered":"

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\"CEO CEO of Dalex Finance, Joe Jackson<\/span><\/span><\/p>\n<\/div>\n

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The Chief Executive Officer of Dalex Finance, Joe Jackson, has raised concerns about the sustainability of Ghana’s current economic practices. <\/p>\n

Speaking in a recent interview with TV3, Jackson pointed out that a significant portion of the country’s revenues are consumed by salaries and interest payments for social interventions like Free SHS, leaving little room for other expenditures without resorting to borrowing.<\/p>\n

“If you collected GH\u00a2100, you spent GH\u00a250 to pay interest and GH\u00a255 to pay salaries. You’re already over GH\u00a2100. Everything you did, you borrowed,” he stated. <\/p>\n

He emphasised that this level of borrowing is unsustainable and that any incoming administration must address this issue. <\/p>\n

“That is unsustainable. That is where we are today. And anybody who comes has to sit down and say, We can’t keep this going,” Jackson asserted.<\/p>\n

When asked about the apparent growth in GDP, Jackson questioned its impact on ordinary Ghanaians. <\/p>\n

He stated that much of the growth comes from exporting raw materials, which does not significantly benefit the local economy. <\/p>\n

“There is growth. But where? Where does the growth affect ordinary people? Or is the growth only at the top? So much of our increase in growth or GDP comes from exporting raw material resources. What also happens is that we retain very little of that within the country. When you say, Oh, we have grown, we have exported what? Oil?<\/p>\n

\u201cGo to Nigeria. For every hundred dollars of oil exported, they get $51 back. Come to Ghana. For every $100, we get $17 back. So, on the surface, we have exported a lot. The economy has grown, but it’s not trickling down,” he explained.<\/p>\n

He further noted the mismanagement of the cocoa sector, which has led to a 30% decline in cocoa exports, further increasing the economic challenges.<\/p>\n

\u201cWhat have we done to cocoa? We’ve so mismanaged the cocoa sector that cocoa exports are 30% down,\u201d he said.<\/p>\n

ID\/AE<\/p>\n

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