Dr. Mahammed Amin Adam, Finance Minister
The April 2024 World Bank Africa Pulse Report has forecast a slowdown in Ghana’s economic growth for this year even though managers of the economy expect otherwise.
The report has suggested about 2.0% Gross Domestic Product (GDP) growth for Ghana this year, lower than and nearly 5.0% what it forecasts for 2025.
Ghana is also billed to contribute 0.10% to the regional GDP growth.
Ghana’s economy recorded 2.9% GDP in 2023 slower than the 3.1% recorded in the previous year and stronger than the revised 1.5% by the Finance Ministry.
Information released by the Ghana Statistical Service indicated that the Industry contracted by 1.2%, compared to 0.6% GDP in 2022 in spite of being the biggest.
The 10.9% and 9.9% contraction of the Electricity and Construction sub-sectors in 2023 caused the decline in the GDP of Industry. Mining and Quarrying (2.5%) was the only subsector that recorded a growth rate.
The report further indicated that for 2024, growth in Sub-Saharan Africa is expected to accelerate to 3.4 percent and further to an average rate of 3.9% in 2025-2026, and accelerate in nearly 70% of Sub-Saharan African countries (32 countries). However, growth rates are below their average growth in 2000–19 in about half of them (17 countries).
By Samuel Boadi
The post World Bank Projects Economic Slowdown appeared first on DailyGuide Network.
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