Rewane Says Ghana Now Richer Than Nigeria, Country Fallen to 42nd Largest Global Economy
Chigozie Amadi
The Chief Executive Officer of Lagos-based Financial Derivatives, Bismarck Rewane, has said that Ghana is now doing better than Nigeria economically.
However, he predicted that though things are tough, there would be light at the end of the tunnel.
Rewane, who spoke on a television programme monitored by THISDAY while analysing President Bola Ahmed Tinubu’s first year in office, stated that Nigeria has fallen from the 32nd largest economy in the world to the 42nd.
The economist stressed that in Africa, the country has descended from 1st to 4th in terms of wealth management and accumulation.
“Our ranking among African countries has declined. Last year, our Gross Domestic Product (GDP) growth was 2.98 per cent, South Africa was 1.93 per cent, Kenya 4 per cent, and Ghana 3.8 per cent.
“Inflation was 33 per cent for us, 5 per cent for South Africa, five per cent for Kenya, and 25 percent for Ghana. In the past, we were always richer than Ghana, now we are here. External reserves and GDP figures speak for themselves.
“Our GDP per capita is $1,111, while South Africa’s is $6,700, Kenya’s is $2,000, and Ghana’s is $2,200. External reserves as a percentage of GDP illustrates a tough picture. In the past, we were always richer than Ghana, but now we are here. External reserves and GDP figures speak for themselves,” he stated.
He put the blame on the gloomy economic outlook on the major policy changes that President Bola Tinubu unfurled in 2023, explaining that the time lag between the announcements and their effects was a drag on outcomes, leading to social unrest.
“The wrong sequencing of reforms is taking its toll on output. Nigerians and Nigeria need new borrowing to refinance existing obligations and policy changes. Institutional reforms and new borrowings are expected to lead to positive and faster growth from 2025 to 2026,” he stated.
