The African Development Bank says Ghana’s economy expanded by 3.6% in 2022, from 5.4% in 2021.
This is slightly lower than the 3.7% forecast by the Government of Ghana and 3.8% by the World Bank.
Indeed, this was also 1.8 percentage points lower than the initial forecast of 5.4%.
In its latest 2023 Macroeconomic Performance and Outlook Report, it said growth was weighed down by deep macroeconomic imbalances— higher inflation, depreciating local currency, and high public debt, estimated at 91% of Gross Domestic Product.
The top growth performers in 2022 were Seychelles (8.3%), Rwanda (6.9%) and Kenya (5.5%).
Growth in oil-exporting countries declined marginally
It said average growth in oil-exporting countries declined marginally to an estimated 4.0% in 2022 from 4.2% in 2021, largely reflecting the sharp decline in Libya and weaker growth in Nigeria.
“Africa’s oil-exporting countries account for about 51% of the continent’s GDP, so their growth has a significant influence on Africa’s average performance. Nigeria, Africa’s largest economy and top oil producer, accounts for about 30% of the output for this group of countries. But it has suffered from steady declines in oil production, due to continuing underinvestment in infrastructure and rising incidences of theft and overall insecurity”.
The African Development Bank (AfDB) projected 3.3% growth ratge of the Ghanaian economy in 2023.
This is higher than the Government of Ghana’s forecast of 2.8% in 2023, the World Bank’s 2.7% and the International Monetary Fund’s 2.8%.
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