12 °c
London
Saturday, August 13, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Economy

Ghana GDP growth beats forecasts

Economy expanded 5.4% last year, government saw 5.3% Economy likely to see lopsided recovery in 2022, analyst says

FurtherAfrica by FurtherAfrica
April 21, 2022
in Africa, Economy, Ghana
Reading Time: 2 mins read
814 43
0
Ghana holds key interest rate in the face of inflation pressures
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Ghana’s economy grew at the fastest rate in two years in 2021, beating forecasts by the government and the International Monetary Fund after a better-than-expected fourth quarter.

Gross domestic product grew 5.4% last year after expanding a revised 0.5% in 2020, government statistician Samuel Kobina Annim told reporters Wednesday in the capital, Accra. That compares with a Finance Ministry estimate of 4.4%, the presidency’s 5.3% and an IMF projection for 4.2% growth.

GDP expanded 7% in the three months through December from a year earlier, compared with a revised 6.5% growth in the prior three months. The growth rate exceeded the 4% median estimate of six economists in a Bloomberg survey. Growth in the fourth quarter was buoyed by the agriculture and services industries.

Also read: Ghana to issue US$3.24B in bonds in second quarter – central bank

While Ghana posted strong economic growth in the final three months of last year, it’s likely to have markedly decelerated in the first quarter, Mark Bohlund, a senior credit research analyst at REDD Intelligence, said.

Since the start of the year, the government has battled to ease investor concerns about the credibility of its fiscal targets. That’s even as policy makers increased the key interest rate by 350 basis points since November to curb lofty inflation and the government introduced spending cuts and passed a tax on electronic payments to rein in its budget deficit.

The cedi is the worst performing African currency against the dollar this year, depreciating by 18%. That and supply shocks caused by the war in Ukraine are fanning inflation, which surged to a more than 12-year high in March, and is almost double the top of the central bank’s target of 6% to 10%. Business sentiment slumped to 47.2 last month, its lowest level since May 2020, stuck below the 50 mark that implies a contraction, according to a survey of purchasing managers by S&P Global.

Also read: AfDB to hold 2022 annual meetings in Accra Ghana

Those headwinds may see Africa’s largest gold producer experience a “double-dip” slowdown this year after recovering from a recession in mid-2020, Bohlund said.

“It is likely to be several years before it enjoys annual economic growth in excess of 5% again,” he said.

Related

Source: Bloomberg
Tags: Businesselectronic paymentsGhanaGhana GDP growth beats forecastsIMFInternational Monetary FundMark BohlundREDD IntelligenceS&P Globalганаغاناガーナ加纳
ScanSendShare343Tweet214Share60Pin77Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Culture

Meet 3 Richest African Immigrants in the US Millionaires Club

by See Africa Today
August 13, 2022
Culture

7 Africa’s Longest Serving Presidents

by See Africa Today
August 13, 2022
Economy

Mozambique’s 22% tax cuts among 20 measures for economic acceleration

by The Exchange
August 13, 2022
Tech

NFTs and blockchain crucial in concept of an African Metaverse

by Web3Africa
August 13, 2022
The new currency notes in Ethiopia
Finance

Development Bank of Ethiopia to provide 10 Billion Birr loan for SMEs

by FurtherAfrica
August 12, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

Culture

Meet 3 Richest African Immigrants in the US Millionaires Club

by See Africa Today
August 13, 2022
0

The US is always a top choice for immigrants, and it remains unchanged for decades, giving existence to the richest...

Read more

7 Africa’s Longest Serving Presidents

August 13, 2022

Mozambique’s 22% tax cuts among 20 measures for economic acceleration

August 13, 2022

NFTs and blockchain crucial in concept of an African Metaverse

August 13, 2022
The new currency notes in Ethiopia

Development Bank of Ethiopia to provide 10 Billion Birr loan for SMEs

August 12, 2022

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 99,392 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?