• 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

Ghana: World Bank forecasts 2.7% GDP growth rate for 2023

3 years ago
in Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
142
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana: World Bank forecasts 2.7% GDP growth rate for 2023

The World Bank has contradicted the 5.1% GDP growth rate projected by the government for 2023.

The 5.1% projected GDP growth for the Ghanaian economy for 2023 is based on the anticipated increase in commodity prices.

In its January 2023 Global Economic Prospects report, the World Bank is projecting a 2.7% expansion of the Ghanaian economy in 2023, lower than Sub-Saharan Africa average of 3.6%.

It is however expecting the economy to grow by 3.5% in 2024.

The World Bank said the Ghanaian economy has been struggling with various setbacks, including rising public debt, elevated inflation (50.3% in November 2022) and a depreciating currency (38.8% in 2022), a reason it is seeking for an International Monetary Fund-support programme. This it said affected private sector growth in 2022 and will continue this year.

Again, rising input costs, on the back of high fuel and raw material prices impacted negatively on the private sector in 2022. Indeed, the economy slowdown in the third quarter of last year, growing by 2.9%, according to the Ghana Statistical Service.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

“New orders and output have been trending down for many months. Rising input costs, on the back of high fuel and raw material prices, compelled businesses to cut workers for the first time in about a year”, it explained.

Therefore, it is not surprising that the government announced a growth rate target of 2.8% for this year.

Meanwhile, the World Bank has announced a downward revision for growth in Sub Sub-Saharan (SSA) for almost 60% of countries including Ghana.

It said this growth slowdown represents a formidable challenge for economic development in the region.

“Growth in SSA is expected at 3.6% in 2023 and 3.9% in 2024. Compared to the June [2022] forecast, growth was revised down for almost 60% of countries, including downward revisions for over 70% of metal exporters which are expected to be affected by the further easing of global metal prices.

Even as cost of living pressures are anticipated to moderate, the negative impact of persistent poverty and food insecurity on growth, amplified by other vulnerabilities, such as unfavorable weather, high debt, policy uncertainty, and violence and conflict are anticipated to keep the pace of recoveries subdued in many countries”

Senegal is expected to be the fastest-growing economy in Sub Saharan Africa in 2023, with a growth rate target of 7.1%.

10 countries in SSA with high growth rates

COUNTRYGDP
Senegal8.0%
Niger7.1%
Côte d’Ivoire6.8%
Rwanda6.7%
Congo, Dem. Rep.6.4%
Benin6.2%
Togo5.6%
Uganda5.5%
Mauritius5.5%
Ethiopia5.3%
Guinea5.3%

Ghana’s economy grew at the slowest pace in two years in the third quarter of 2021, data from the Ghana Statistical Service (GSS) has revealed.

According to the GSS, the country’s economy expanded at 2.9% in the third quarter of 2022.

This is lower than the 4.7% Gross Domestic Product (GDP) recorded in the second quarter of 2022.

 

Tags: GDPghanaGhana: World Bank contradicts 5.1% GDP growth rate for 2023World Bank
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 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.