With a projected Gross Domestic Product (GDP) growth rate of 5 percent for 2021, Ghana’s growth rate for the first time in 4 years will be marginally lower than that of global GDP growth.
Global GDP growth for 2021 as projected by the International Monetary Fund (IMF) is expected to be 5.5 per cent.
Ghana’s GDP growth rate for 2017, 2018, 2019 and 2020 were 8.14%, 6.26%, 6.48% and 0.9% (a fall from a projected 7% growth due to Covid-19) respectively.
On the global scene, GDP growth for 2017, 2018, 2019 and 2020 were 3.81%, 3.51%, 2.8% and -3.5% (a contraction occasioned by the Covid pandemic).
“The Ghanaian economy, even in a pandemic era, significantly outperformed the global economy and other major regional subgroupings, many of which recorded contractions in 2020. However, for the first time in over four years, Ghana’s GDP growth rate is projected to be marginally lower than the global economic growth rate of 5.5% in 2021,” said PwC.
The anticipated 5.5 percent growth recovery in the global economy, Price Waterhouse and Coopers (PwC) posit, reflects a vaccine-powered recovery and sizable fiscal policy support announced in advanced countries targeted at ameliorating the impact of the COVID-19 pandemic.
On the local scene, the 5 percentage points recovery growth is expected to be attained by the attainment of herd immunity from the rollout of the Covid-19 vaccines, coupled with a pick up in the prices of commodities such as oil, gold, cocoa and a rebound in international trade occasioned by the effective rollout of vaccines around the world, effective implementation of government’s Ghs 100 billion Obaatanpa Ghana CARES programme aimed at supporting and revitalizing the private sector among others.
