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.
COUNTRY | GDP | RANKING |
Niger | 6.9% | 1st |
South Sudan | 6.5% | 2nd |
DR Congo | 6.4% | 3rd |
Rwanda | 6.4% | 3rd |
Mauritius | 6.1% | 5th |
Equatorial Guinea | 6.1% | 5th |
Coted’lvoire | 6.0% | 7th |
Benin | 5.9% | 8th |
Kenya | 5.7% | 9th |
The Gambia | 5.6% | 10th |
Togo | 5.6% | 10th |
Ghana | 5.2% | 12th |
Cape Verde | 5.2% | 12th |
Latest Stories
-
Baby abandoned in manhole in Tema Community 1
4 mins -
We’ll establish fiscal council to rein in excessive borrowing – Finance Minister
10 mins -
Mortuary workers issue fresh strike threat
14 mins -
‘Lapses in banking system are not unique’ – John Awuah on managing fraud in Ghana’s Banks
22 mins -
Bawumia confident of victory in 2024 election
56 mins -
Strengthening audit institutions essential for tackling fiscal mismanagement – Domelevo
1 hour -
Healthy Aging: The Role of the Gut Microbiome and How Diet Can Help
1 hour -
Seek medical care, diagnosis for breast cancer – Dr Abiti to women
1 hour -
Hardship: Men now collect marriage list from different families to get cheapest – Report
1 hour -
‘If you’re looking for trouble, you’ll get it,’ Falz tells VeryDarkMan
1 hour -
Paramount Chief of Avenor grateful to NPP, calls for completion of Agenda 111 project
2 hours -
Bawumia commissions ultramodern office complex for Ho Municipal Assembly
2 hours -
Bawumia declares NPP’s infrastructure record unmatched
2 hours -
Importers face duty on Electric Vehicles despite gov’t’s exemption promises
2 hours -
4 additional Democracy Hub protesters discharged
2 hours