Hoarding third quarter GDP figures worrying - financial analyst
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.”
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.”
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