• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Cedi depreciation, rising inflation, others account for downward review of GDP growth to 2.6%

3 years ago
in Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
86
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Cedi depreciation, rising inflation, others account for downward review of GDP growth to 2.6%

Ghana’s GDP growth rate for 2022 has been revised downwards to 2.6% from the earlier forecast of 4.8%.

The revised GDP growth rate by Fitch Solutions is far lower than the projections by the International Monetary Fund (5.2%) and the World Bank (5.0%).

According to the research agency, its forecast is attributable to the country’s rising inflation rate, depreciation of the cedi, the Russian-Ukraine war, among other factors that it asserts will erode the purchasing of consumers and affect the profit margins of businesses in the country.

Giving an update on Sub Saharan Africa economies for the first half of this year, Country Risk Analyst at Fitch Solutions, Mike Kruninger, said it expects the Ghanaian economy to expand to 4.9% in 2023.

“Overall, we forecast the Ghanaian economy to post real growth of 2.6% in 2022 after which will accelerate to 4.9% in 2023. Whereas the slow growth rate, especially for 2022, is in a decade, we believe that the economy will face pretty significant challenges in the short term.”

“So the first challenge and one of the most significant ones is rapidly rising inflation which is shown on the right right-hand of the slide. The consumer price growth reached 26.6% in May [2022], which is the highest inflation rate in over 18 years. Really, it is biting into the purchasing power of the households and eroding corporate profit margins”, he explained.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Mr. Kruninger also expressed worry about the declining consumer confidence.

“So if we look at the consumer confidence which is published by the Bank of Ghana, we see that sentiments is indeed really down. The April 2022 index is even lower than the value in April 2020 in the height of the Covid-19 pandemic. And as a result, we expect that consumer spending will be subdued over the coming months”.

“Another important challenge the Ghanaian economy is facing is weak fiscal condition. The county’s position has deteriorated pretty significantly over the past two years, mostly due to the Covid-19 pandemic. The government had to borrow from international capital markets. This is not the case now, but the debt has gone up to unsustainable levels”, Mr. Kruninger said.

Tags: cedi depreciationCountry Risk Analystothers account for downward review of GDP growth to 2.6%rising inflation
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

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

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.