Ghana's economy expected to grow by 7.6% this year – World Bank

Company News on Tuesday, April 9, 2019

Source: thefinderonline.com

2019-04-09

The World Bank predicted that Ghana's economy would grow by 7.6 percent this year.

This is slightly higher than the government's 7.2% growth forecast in the 2019 budget.

This was revealed during a media interaction between the World Bank and the continent's journalists on Africa's semiannual report on the growth of African economies, called Africa's Pulse.

This forecast was based on an expected increase in oil and gas production and expected growth in non-oil revenues, with agriculture expected to experience strong growth as a result of government investment in oil and gas. "Plant for Food and Employment" program.

Kwabena Gyan Kwakye, World Bank economist for Ghana, congratulated the government for adopting the law on fiscal responsibility, saying it was a good sign for future growth.

He said, "The government has more or less attempted to bind itself. For example, we know that the tax accountability act that has been developed is a very good signal to let everyone know that the government wants to come together to move forward. "

In its report, the World Bank described the continent's economies as "fragile and somewhat disappointing", following the downward revision of its growth forecasts for the continent.

The continent's growth is expected to be 0.4% below the bank's forecast in October, following the continent's 2.3% growth in 2018.

This growth is lower than the 2.5% recorded by the continent in 2017.

Recent data from across the continent, however, suggest moderate growth in the region. This is due to the good performance expected from Nigeria and Angola, two of the largest oil exporters on the continent.

As a result, growth in the continent will reach 2.8% and 3.3% in 2019 and 2020, respectively.

The World Bank has urged governments across the continent to embrace the digital economy as a means to open new avenues for economic growth.

Albert Zeufack, chief economist at the World Bank for Africa, said, "The digital transformation can increase growth by almost two percentage points a year and reduce poverty by almost one point. percentage per year in sub-Saharan Africa only. This is a game changer. "

He urged governments across the continent to invest in digital infrastructure to strengthen broadband connectivity. He pointed out that once connectivity is strengthened and the regulatory framework is improved, the cost of the Internet on the continent will increase.

He also urged African governments to focus on developing the digital skills of their citizens by improving the curriculum to teach young people digital skills. This, he said, would lead to the creation of jobs in the digital space, thus leading to growth.