Skip to main content

Ghana to become Africa’s 3rd-fastest economy at 6.8% in 2020 - World Bank

The World Bank is projecting an economic growth of 6.8% for Ghana in 2020, according to its January 2020 Global Economic prospects Report.

This is against the 7.5% forecast by the International Monetary Fund for this year.

However, the bank said growth will fall to 5.2% and 4.6% in 2021 and 2022, respectively.The 6.8% growth rate, according to the World Bank, would make Ghana the joint 3rd-fastest growing economy among 42 sub-Saharan Africa countries.

Rwanda will become the fastest-growing economy in sub-Saharan Africa with a Gross Domestic Product of 8.1% this year, followed by Ivory Coast with a 7% growth rate and Senegal, which is joint 3rd with Ghana, with a growth rate of 6.8%.

The Bretton Wood institution had earlier forecast an economic growth of 7.6% for Ghana in 2019 but later revised it to 7.0%. However, from the recent figures of the Ghana Statistical Service where quarter three GDP was estimated at 5.6%, it looks impossible for the growth rate forecast to be realised.

The agriculture sector growth of 5.9% contributed significantly to the growth rate though the industry and services sectors also expanded by 5.7% simultaneously.

The World Bank’s latest report also indicated that regional growth is expected to pick up to 2.9% in 2020, assuming investor confidence improves in some large economies, energy bottlenecks ease, a pickup in oil production contributes to recovery in oil exporters and robust growth continues among agricultural commodity exporters.

“The forecast is weaker than previously expected, reflecting softer demand from key trading partners, lower commodity prices, and adverse domestic developments in several countries”, it said. In South Africa, growth is expected to pick up to 0.9%, assuming the new administration’s reform agenda gathers pace, policy uncertainty wanes, and investment gradually recovers.

Growth in Nigeria is also expected to edge up to 2.1% as the macroeconomic framework is not conducive to confidence. Growth in Angola is anticipated to accelerate to 1.5%, assuming that ongoing reforms provide greater macroeconomic stability, improve the business environment, and bolster private investment.

In the West African Economic and Monetary Union, growth is expected to hold steady at 6.4%.

In Kenya, growth is seen edging up to 6%.

Comments

Popular posts from this blog

AFRICA'S TOP 5 "UNAFRICAN" PRESIDENTS OF THE YEAR 2018

"Botswana's impressive performance, Tanzania's great strides, Ethiopian reforms leaves the mark" says our online readers.  By Africa 54 Magazine, Accra, Ghana, 31 Dec, 2018 As we end the year 2018 and welcome the incredible 2019, our online magazine readers were asked to simply comment: who is your best African President for the year 2018- a leader who is not common to have one in Africa "UnAfrican" because of his/her incredible performance, leadership, focus, courage and great result.                                              And these are the results for 2018... #1 IAN KHAMA-Botswana: Always cool in leading the small country into tremendous social and economic transfomations including quality infrastructure, access to social services and j...

Tanzania More Peaceful Nation than France, US and UK

By Staff Writer, New York 31-3-2019: TANZANIA remains East Africa’s most peaceful and calm nation than most of the developed world like France, the United States of America (USA) and the United Kingdom (UK), the report reveals. The Global Peace Index (GPI) 2018 report released this weekend by the Institute for Economic and Peace (IEP), shows Tanzania improved by ranking 51, gaining three positions from 54 in 2017. Four living Presidents of Tanzania The most powerful nation on earth, USA is ranked 121 st while the UK ranked 57, six positions behind Tanzania. The UK dropped 16 positions compared to its 2017 rank. The s tudy covers 163 independent nations and territories around the world. This is good news for most Tanzanians and Africa about the reality of their narrative compared to the Africa of the Western media. Tanzania is one of the top five countries in Africa whose economies is the fastest on the continent. The nation is a beacon of peace and harmony in...

Tanzania's Most Peaceful Election: Why Opposition Got Flabbergasted?

 By John Njoroge:  The ruling party and President John Pombe Magufuli are both leading by far (update: final results are now out, see an update note at the end of the article), trailing the weak opposition in Tanzania following the 28th October General elections.              President John Pombe Magufuli of Tanzania As usual, as the results were pouring out, the oppostion parties, activists and western propaganda machination, all over, resorted to one simple phallacy; whether the election was free and fair. Actually I heard the opposition rejecting the results on the basis of some irregularities.  Let me address that first before I share what I believe to be the reasons for weaker oppostion this time around in Tanzania.  The term free and fair has no one meaning in electoral governance across the world; countries abhor diverse socio-political systems and so is how they manage their elections. The fact that all political parties too...