Ghana’s economy is expected to become the 12th fastest growing economy in Sub-Saharan Africa in 2022 with an expected growth rate of 5.2%.
According to the International Monetary Fund April 2022 Regional Economic Outlook Report, this will place the country at a joint 12th position with Cape Verde among league of Sub-Saharan African economies.
In West Africa, the nation will place 6th again with Cape Verde.
The 5.2% expected expansion in the economy in 2022 will be slightly lower than the Gross Domestic Product (GDP) growth rate recorded in 2021.
In 2021, the IMF projected a growth rate of 4.2%, but the economy expanded by 5.4%, according to provisional estimates from the Ghana Statistical Service.
This was as a result of strong growth in the Services sector (9.4%), particularly Information, Communication and Technology (33.1%) and Agriculture (8.4%), particularly the Fisheries (13.4%) sub sector.
In 2023, the Fund forecasts a growth rate of 5.1%, which will place the country in the 21st position in the league of African economies.
This is due to expected strong growth rate by most African economies.
In 2022, Niger will become the fastest growing economy in Sub Saharan Africa with a growth rate of 6.9%, whilst Senegal will lead the league of African economies in 2023 with 9.2% in the economy.
Meanwhile, Sub-Saharan Africa is expected to grow at a rate of 3.8% in 2022 and subsequently 4% in 2023.
- SOEs who fail to present audited financial accounts to be sanctioned – Bawumia
- Ghanaians will soon praise us for going to IMF – Dr Afriyie Akoto
- Photos: Akufo-Addo, Mahama and others mourn wife of late General Akuffo, Emily Akuffo
- As it happened: Kotoko dominates as Djiku wins Player of the Year award at Ghana Football Awards
- Ghana will be ungovernable if any IMF conditionality freezes wage increment – Prof Gyampo
- Some Hajj pilgrims demand refund after being left stranded for hours
- 2022 Ghana Football Awards: Sadio Mane wins Best African International
- Samson’s Take: This will collapse a government in a serious country II
- Food is expensive but there can never be food shortage – Agric Minister
- IMF bailout will take pressure off Akufo-Addo to focus on positive things – Gabby Otchere-Darko
IMF bailout: Finance Minister must take a step back – Political analyst
Ghanaians mob IMF on Facebook to campaign against Akufo-Addo’s bailout request
AGI CEO worried over scarcity of market-ready graduates
Playback: The Law discussed justice delivery speediness
Throw out Deloitte’s factually deficient claims – Dram Oil to High Court
‘Mahama stuck by Seth Terkper’ – Gabby Otchere-Darko defends Ofori-Atta amid resignation calls
2022 Ghana Football Awards: Full list of winners
Some have made it their life mission to frustrate me – Barker-Vormawor
Some Hajj pilgrims demand refund after being left stranded for hours
IMF bailout will take pressure off Akufo-Addo to focus on positive things – Gabby Otchere-Darko
Photos: Akufo-Addo, Mahama and others mourn wife of late General Akuffo, Emily Akuffo
Amanda Ofori is out with a new single titled ‘Abba’
Adele: Emotion and simplicity are enough at comeback Hyde Park gig
Ghana will be ungovernable if any IMF conditionality freezes wage increment – Prof Gyampo
Samson’s Take: This will collapse a government in a serious country II