World Bank pegs Ghana's 2019 economic growth at 7.6%

World Bank pegs Ghana's 2019 economic growth at 7.6%
Source: Ghana | Ebenezer Sabutey | JoyBusiness
Date: 08-04-2019 Time: 05:04:58:pm

After recording a slow growth for the year 2018, Ghana's economy is expected to pick up strongly on the back of Agric and oil and gas productio, according to the World Bank Pulse Report .

The World Bank is projecting a stronger growth rate of 7.6 per cent, a marginally higher rate from the projected rate of 7.2 per cent by the government.

According to the World Bank, Ghana will be recording a rebound in Agricultural growth due to the policy initiatives introduced by the government to boost food production.

Senior Economist at the World Bank Ghana office, Kwabena Gyan Kwakye explains “Coming from a lower growth rate for 2018, we're expecting a strong pick up in the economic growth looking at some incoming improvements in the non-oil sector.” 

Mr Gyan Kwakye added, “Apart from oil production, we are expecting higher growth in mining and government policies on agricultural which are being introduced to improve the food Security of the country”.

The rate of growth for 2018 according to the Bank has been slow as compared to the rate in 2017.

Meanwhile, the economic team of the African Pulse Report has been advising governments in sub-Sahara Africa to take a critical look at growth in the industrial sector.

Also, growth in sub-Saharan Africa has been downgraded to 2.3 per cent for 2018, a fall from the 2017 growth of 2.7 per cent according to the report.

The report also noted that economic growth remains below population growth for the fourth consecutive year.

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