Ghana Surpasses Nigeria in Economic Growth Under Tinubu – Bismarck Rewane

In a striking revelation, prominent economist and social critic Bismarck Rewane has expressed concern over Nigeria’s economic decline compared to its West African neighbor, Ghana. Speaking on Channels Television, Rewane highlighted that Nigeria has fallen from the 32nd to the 42nd largest economy globally, losing its leading position in wealth management and accumulation.

Rewane pointed out that Ghana has outpaced Nigeria in several economic metrics. “In the past, we were always richer than Ghana, but now we are here. External reserves and GDP figures speak for themselves,” he stated.

As a member of President Bola Tinubu’s Economic Management Team Emergency Task Force (EET), Rewane rated Nigeria’s economic performance poorly. He noted that Nigeria’s GDP growth last year was 2.98%, compared to South Africa’s 1.93%, Kenya’s 4%, and Ghana’s 3.8%. Inflation in Nigeria stood at 33%, whereas it was significantly lower in South Africa (5%), Kenya (5%), and Ghana (25%).

Rewane also drew attention to the disparity in GDP per capita, with Nigeria at $1,111, South Africa at $6,700, Kenya at $2,000, and Ghana at $2,200. He attributed Nigeria’s economic challenges to both structural and external factors, including market structure issues, energy shortages, and regulatory bottlenecks.

The economist reviewed President Tinubu’s economic promises and policies, noting that despite ambitious goals such as increasing GDP to $1 trillion in eight years and doubling power generation, there have been no tangible results in the past year.

“The first promise President Tinubu made was to increase GDP to $1 trillion in eight years. Before then, our GDP was almost $400 billion, so he aimed to double it in eight years,” Rewane remarked. He also critiqued the removal of petroleum subsidies and the unification of exchange rates, alongside promises to overhaul security infrastructure and control inflation.

Rewane’s analysis underscores a critical period for Nigeria, with calls for urgent reforms to reverse the current economic trajectory and restore growth.