Tuesday, 19 December 2017

Hoarding third quarter GDP figures worrying - financial analyst

 Image result for isaac adongo

Adnan Adams Mohammed

The Ghana Statistical Service (GSS) has for the first time delayed the release of the Gross Domestic Product (GDP) statistics for the third quarter.

The third quarter GDP figures is published together with the November inflation figures, normally on the second Wednesday in December, per the GSS timetable for release of relevant economic data.

However, it was strange to note that, at the release of the November inflation figures last week, the GSS failed to release the GDP figures as well as it is the norm.

Hon Isaac  Adongo, a financial analyst and member of parliament commenting on the situation described it as ‘very strange’, adding that, especially that the Finance Minister used mid-year performance of the economy in his budget presentation.

“One would have, therefore thought that the GSS would have, by now, released data on the economy to help businesses and analysts to make informed decisions and projections about the economy”, he said.

“However that is yet to happen,16 days into the end of the year. Although strange, it is now obvious that the Ghana Statistical Service is scheming to cook up growth numbers to justify the obvious unrealistic non-oil GDP projection of 4.8% used by the Finance Minister in the face of non-performance of revenue”, he retorted.

The renowned financial expert known for his toughness on the current administration on economic and financial related issues did not mice words in describing the situation.

Hon Adongo rrlated the Statistical Service's inability to release the growth figures to a form of conspiracy to help to justify the government’s plans on how the economy can generate GHC12.9 billion in revenue in the 4th quarter to fund the projected GHC16.7 billion expenditure in the last 3 months of the year to keep the deficit at the unrealistic 6.3%.

“Let me emphasis that this is part of a grand scheme with the Bank Of Ghana (BoG) to suppress Ghana's true deficit, public debt and debt to GDP ratio.
However, let me remind the government that cooking data to tell a story about the economy is not sustainable.”

He therefore called on the governmaental agenacies to be professional im their mandate to the citizens and the international world. “I therefore call on the GSS and the BoG to remain professional in the discharge of their duties to help give Ghana's international partners, especially the International Monetary Fund (IMF), which has a fiscal sustainability programme with the government, the true picture about the economy and its state of affairs. This way, the GSS and BoG will continue to maintain their integrity as the best source of truthful information on the economy.”