A Research Fellow at the Institute of Statistical, Social and Economic Research (ISSER), Prof Charles Ackah, says Ghana’s economy has recorded an average annual per capita growth rate of just 1.15 per cent over the past 65 years, describing the pace as insufficient to drive rapid economic transformation.

Speaking on Channel One TV’s The Point of View on Wednesday, August 5, Prof Ackah said his analysis of average annual per capita GDP growth over the past 65 years showed Ghana lagging behind several countries that have achieved faster economic progress.

According to him, Ghana’s average annual per capita growth of 1.15 per cent falls well below the growth rates recorded by many emerging economies.

“I compared almost all the countries. I took the average per capita GDP over the last 65 years and averaged it per annum. This is a very good indicator of performance.

“Over the last 65 years, Ghana has managed just about 1.15% per annum growth per capita. GDP is not doing well. If you compare it to other countries, they are doing 6.6%, about 5%, 4%, 3%. You need that to be able to move your economy within the next 20 to 25 years onto a high-income status,” he added.

Prof Ackah noted that although Ghana experienced periods of rapid economic expansion, including years when growth exceeded 11 per cent, the country’s long-term average remained low.

He warned that maintaining such a growth trajectory would significantly delay Ghana’s transition from a lower-middle-income economy to an upper-middle-income one.

“With that kind of growth, it will take you a generation, like 70 years, before you move from a lower-middle-income country to an upper-middle-income country,” he stated.

The economist pointed to countries such as China and Botswana as examples of sustained long-term growth.

According to him, China recorded an average annual per capita growth rate of 6.6 per cent over the same period, while Botswana achieved about 4.77 per cent by making effective use of its natural resources.

He added that Botswana’s long-term growth had even outpaced that of Hong Kong.

Comparing Ghana with other African countries, Prof Ackah said Egypt, Uganda, Lesotho, Gabon and Kenya had all recorded stronger long-term growth performances.

He, however, noted that Ghana’s average growth remained above the continental average of about 0.92 per cent.

Prof Ackah further said Ghana’s GDP per capita, measured in purchasing power parity (PPP) terms, stood at approximately 8,000 international dollars in 2024, below the average of about 10,000 dollars for lower-middle-income peer countries.

He contrasted Ghana’s performance with countries such as China and South Korea, where GDP per capita has risen to about 38,000 dollars and 61,000 dollars respectively.

Prof Ackah also observed that at the time of Ghana’s independence in 1960, the country’s GDP per capita stood at about 176 US dollars, compared with South Korea’s 158 dollars, suggesting that the two countries have since followed markedly different economic trajectories.