Chief Executive Officer of Financial Derivatives, Bismarck Rewane, has stated that Ghana is in a better economic state compared to Nigeria.

According to him, Nigeria is performing poorly economically and has fallen down from its 1st position in terms of wealth management and accumulation to the 4th position according to a latest ranking.

Rewane made this known on on Wednesday, May 29, 2024 on Channels TV while giving an analysis of President Bola Tinubu's first 365 days in office.

He added that the country has fallen from the 32nd largest economy in the world to the 42nd.

Rewane stated: “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.”

The economist continued that the gloomy economic outlook on the major policy changes that President Bola Tinubu unfurled in 2023 was to blame for the country's current economic state.

He said that 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, leading 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.