The Sources of Growth

I have watched with keen interest the claims by this Government for the relative economic success this country is enjoying over the last decade. Mr Arthur Kennedy must be told that the best performing sectors that are driving the growth is the result of at least two decades reforms. The explosive growth in the Financial sector is the result of the various FINSAP reforms over the years coupled with the coincidence of good reforms in Nigeria. The growth in the service sector especially in the Tourism and Telecom sub sectors are the fruits of about a decade of persistent reforms and innovations which the NPP alone cannot claim for itself. Lets try and do a simple arithmetic of the $16bn nominal GDP being bandied about.Out of this figure , we are told $4bn comes from inwards remittances of underemployed Ghanaian living abroad while the telecom sector alone contributes not less than $3bn to the economy.The financial sector contributes not less than $3bn while the mining sector add about $1.5bn.These figures adds up to $11.5bn. These figures account for the lopsided nature of the growth which is the result of the widening income inequality as noted by the 2007 Human Development Report. the NPP has to be more ambitious and stop this glorification mediocrity.