IMF Predicts Ghana As World Fastest-Growing Economy In 2019
LAGOS APRIL 12TH (NEWSRANGERS)-Reports already predicted Ghana as the fastest-growing economy in the world this year, according to the IMF.
The lender’s growth forecast of 8.8 per cent for the producer of cocoa, gold and oil dwarfs the 6.6 per cent median in a media survey.
The West African country is expected to become the fastest-growing economy in sub-Saharan Africa with a GDP growth rate of 8.8% in 2019, according to IMF’s just-released 2019 GDP growth projections.
According to the IMF, Ghana’s macroeconomic performance has significantly improved in the last two years under the Extended Credit Facility arrangement.
The latest report also suggests growth was robust in the first three quarters of 2018, on the back of oil production.
Inflation has continued to decline to 9% in January 2019, within the Bank of Ghana’s band around the inflation target.
“The fiscal position (excluding financial sector-related costs) has continued to improve in 2018, despite persistent revenue collection challenges; and the current account deficit was lower than anticipated,” the IMF noted.
The release further mentioned that Bank of Ghana resolved nine insolvent banks over a period of 18 months, in line with its commitment to clean up the banking sector; and develop structural reforms to strengthen public financial management and oversight of the state-owned enterprises have continued.
Meanwhile, the report stated that the three biggest economies in the region – Nigeria, South Africa and Angola will grow the slowest.
Nigeria’s GDP growth rate is projected to be 2.1%. South Africa will be 1.2% and Angola 0.4%.
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Posted by News Rangers
on Apr 12 2019. Filed under Business, National.
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