Ghana to experience the fastest economic growth in 2020 – IFC predicts

Company News from Saturday, August 3, 2019

Source: GNA

2019-08-03

Sérgio Pimenta, IFC's vice president for the Middle East and Africa, said Ghana could be one of the fastest growing economies in the world if the government maintained its system of prudent economic management.

He noted that, with regard to Ghana's financial performance, the figures, the macroeconomic framework and the situation in the country had been very positive and the outlook remains very positive.

"I think Ghana could even become one of the fastest growing economies in the world next year if growth continues in the right direction," said Pimenta during an interaction with media in Accra.

"Private sector investments in Ghana are very good. But if we look at the level of investments, both national and local, it is clear that more can be done, which is why IFC can do more to attract quality investments to companies that apply all the best practices and contribute to the country's development by creating jobs for women, men and young people in the country, "he added.

IFC is a sister organization of the World Bank and a member of the World Bank Group.

It is the largest private sector-focused global development institution in emerging markets.

"Ghana is a very important country for us, it is one of the biggest risks on the continent. It's one of the top five countries in terms of IFC exposure in Africa, "he said.

He said that IFC has committed in the last five years a funding of about two million dollars for Ghana.

He added that IFC has been active in several sectors of Ghana's economy, such as infrastructure, financing institutions, agribusiness and tourism.

Pimenta said his forecast for Ghana's next year's prospects was based on the government's track record of policies and reforms that led to economic growth; adding that Ghana's sustained growth in recent years was very remarkable.

On the way forward, Mr. Pimenta urged the government to pursue sound economic policies, especially fiscal discipline.

He explained that the purpose of his visit was to examine how IFC could continue to support Ghana in the future and how it could do more to help Ghana pursue its cause of development and development. to achieve even stronger results.