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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
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Ghana holds key interest rate in the face of inflation pressures

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
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.

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