The Managing Director/CEO of Financial Derivatives Company Limited, Bismarck Rewane said Ghana is now richer than Nigeria.
The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane said Ghana is now richer than Nigeria.The renowned economist said Nigeria has fallen from the 32nd largest economy in the world to 42nd.
In March this year, Rewane, the CEO of FDC, was among the appointed members of President Bola Tinubu’s Economic Management Team Emergency Taskforce with a mandate to formulate and implement a consolidated emergency economic plan. He said, “Our ranking among African countries has declined. Last year, our GDP growth was 2.98 per cent; South Africa was 1.93 per cent, Kenya four per cent, and Ghana 3.8 per cent. Inflation was 33 per cent for us, five per cent for South Africa, five per cent for Kenya, and 25 per cent for Ghana.
“There’s a cost of living crisis in Nigeria, and minimum wage negotiations are a source of widespread conflict. 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.
The economist also reviewed President Bola Tinubu’s promises, policies, and announcements a year after his assumption in office.
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