Ghana's economy expected to grow fastest in Africa – IMF report

General News on Thursday, April 11, 2019

Source: yen.com.gh

2019-04-11

Ghana is expected to become the fastest growing economy in sub-Saharan Africa with a GDP growth rate of 8.8 percent in 2019, according to the International Monetary Fund (IMF) GDP growth projections for 2019.

According to the IMF, Ghana's macroeconomic performance has improved considerably in the last two years under the extended credit facility.

The latest report also suggests that growth has been robust in the first three quarters of 2018, thanks to oil production.

Inflation continued to decline to 9% in January 2019, across the Bank of Ghana's band around the inflation target.

"The fiscal position (excluding costs related to the financial sector) continued to improve in 2018, despite persistent difficulties in revenue collection. and the current account deficit was below expectations, "the IMF noted.

The statement added that the Bank of Ghana had solved the problem of nine insolvent banks over a period of 18 months, in line with its commitment to clean up the banking sector; and develop structural reforms to strengthen public financial management and oversight of public enterprises.

At the same time, the report indicates that the three largest economies in the region – Nigeria, South Africa and Angola will experience the slowest growth.

The growth rate of Nigeria's GDP is expected to be 2.1%. South Africa will account for 1.2% and Angola 0.4%.