Bismarck Rewane: Ghana now richer than Nigeria

Bismarck Rewane, chief executive officer of Financial Derivatives, says Ghana is now doing better than Nigeria economically.

Rewane spoke on Wednesday on Channels TV while analysing President Bola Tinubu’s first year in office.

The economist said Nigeria has fallen from the 32nd largest economy in the world to the 42nd.

He added 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,” Rewane said.

“Last year, our GDP growth was 2.98 percent, South Africa was 1.93 percent, Kenya 4 percent, and Ghana 3.8 percent.

“Inflation was 33 percent for us, five percent for South Africa, five percent 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 illustrate 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.”

Rewane blamed the gloomy economic outlook on the major policy changes that President Bola Tinubu unfurled in 2023.

The economist said 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,” he said.

“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.”

Rewane said the situation is tough but added that there is always light at the end of dark tunnels.