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EconomyFri, 14 Jan, 22

Ghana’s Economy to Grow 5.5% in 2022 - World Bank

Ghana’s Economy to Grow 5.5% in 2022 - World Bank

The World Bank (WB) in its January 2022 Global Economic Prospects report has forecasted Ghana’s economy to grow 5.5 percent and 5.0 percent respectively for 2022 and 2023. This puts Ghana’s growth projection above the region’s average of 3.6 percent.

However, the forecast also put Ghana’s economic growth rate below most of its peers including Botswana (5.9 percent), Benin (6.0 percent), Cote D’Ivoire (6.5 percent), the Gambia (6.0 percent), Guinea (6.1 percent), Mauritius (6.6 percent), Rwanda (7.1 percent), inter alia. Seychelles economic growth forecast being the highest (7.7 percent) among the Sub-Saharan African (SSA) countries.

The report noted that many SSA countries including Ghana, Mozambique, Rwanda etc. saw a marked deterioration in fiscal balances because of deployed relief measures, depleting already-narrow fiscal space, saying the fiscal space is expected to remain tight with below-trend recoveries restraining revenue growth.

“This, together with constraints on financing and pressures to improve debt sustainability, will lead to a much less supportive fiscal stance across the region over the forecast horizon.

Fiscal adjustments are expected to predominantly happen on the expenditure side with a bigger reduction in fiscal deficits in resource-rich countries, partly reflecting revenue boosts from higher commodity prices and consolidation efforts in some countries. Elsewhere in the region, fiscal space is expected to remain tight with below-trend recoveries restraining revenue growth.

“Several countries have been facing debt sustainability challenges (Chad, Ethiopia, Ghana, Rwanda) and may need additional fiscal adjustments involving sharp slowdowns in public investment,” WB noted.

The report concluded that “slower-than-expected recoveries”, less favorable terms of trade, and spending pressures are likely to thwart fiscal consolidation efforts in some countries in the region and further delay debt stabilization.

The World Bank’s forecast deviates from the International Monetary Fund (IMF) 2022 economic growth projection for Ghana which forecasted a 6.2 percent growth rate, a much higher projection.

 

Source: Abdul-Razak Mohammed(Real Estate Times Africa)

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