Analyst Bismarck Rewane Criticises FG’s Policies, Says Ghana Now Richer Than Nigeria

• Financial Derivatives CEO Bismarck Rewane said Ghana's economy is currently outperforming that of Nigeria
• He claimed Nigeria's economy has also fallen from the 32nd-largest economy in the world to the 42nd
• Rewane attributed the development to President Bola Tinubu's significant policy reforms that took effect in 2023 to the dire economic prognosis

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

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

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.

Read also

African tech startups cater to continent's needs

He added that the country has fallen from first to fourth place in terms of wealth management and accumulation in Africa.

Rewane said that Nigeria's ranking among African countries has declined.

“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.

Rewane blamed the gloomy economic outlook on major policy changes introduced by the Tinubu-led administration in 2023.

The economist said the time lag between the announcements and their effects was a drag on outcomes, leading to social unrest.

Read also

Kuda speaks on raising $100m as CBN moves to reverse ban on customer enrollment

He also said the wrong sequencing of reforms is taking its toll on the country's output.

Rewane noted that Nigeria needs new borrowing to refinance existing obligations and policy changes to bring about positive and faster growth from 2025 to 2026.

The financial expert said while the situation is tough, it is not insurmountable.

Nigeria missing on Africa's richest countries' list

In a related story, Legit.ng reported that Nigeria also fell off the list of richest African countries for the year 2024, according to research by Billionaire.africa.

The report, however, noted that Nigeria remains among major countries promoting regional trade in the continent.

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng