Ghana to become the 12th fastest growing economy with 5.2% growth rate – IMF
The International Monetary Fund (IMF), has projected Ghana’s economy to expand by 5.2% which is expected to make it the 12th fastest growing economy in the Sub Saharan Africa region this year.
The expected 5.2% expansion in the economy in 2022, will be slightly lower than the 5.4% GDP growth rate recorded in 2021.
According to the International Monetary Fund’s April 2022 Regional Economic Outlook Report, this will place the country at a joint 12th position with Cape Verde in the league of Sub-Saharan African economies.
In West Africa, Ghana places 6th, once again with Cape Verde.
In 2021, the IMF projected a growth rate of 4.2% for Ghana, but the economy expanded by 5.4%, according to provisional estimates from the Ghana Statistical Service.
This was as a result of strong growth in the Services sector (9.4%), particularly Information, Communication and Technology (33.1%) and Agriculture (8.4%), particularly the Fisheries (13.4%) sub sector.
In 2023, the Fund forecasts a growth rate of 5.1%, which will place the country in the 21st position in the league of African economies.
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This is due to the expected strong growth rate by most African economies.
In 2022, Niger will become the fastest growing economy in Sub Saharan Africa with a growth rate of 6.9%, whilst Senegal will lead the league of African economies in 2023 with a 9.2 percent growth rate in the economy.
COUNTRY GDP RANKING
Niger [6.9%] 1st
South Sudan [6.5%] 2nd
DR Congo [6.4%] 3rd
Rwanda [6.4%] 3rd
Mauritius [6.1%] 5th
Equatorial Guinea [6.1%] 5th
Coted’lvoire [6.0%] 7th
Benin [5.9%] 8th
Kenya [5.7%] 9th
The Gambia [5.6%] 10th
Togo [5.6%] 10th
Ghana [5.2%] 12th
Cape Verde [5.2%] 12th
