The International Monetary Fund (IMF) has revised downwards Ghana’ growth rate forecast for 2022 to 5.2%, though higher than Sub-Saharan Africa average of 3.8%.
The Fund had earlier projected 6.2% Gross Domestic Product (GDP) of the Ghanaian economy in 2022, bigger than the 4.7% growth rate it predicted in 2021.
In its latest World Economic Outlook report, the Fund said the Ghanaian economy will expand by 5.1% in 2023, 0.1% lower than the 2022 forecast, whilst it return to the pre-pandemic levels of 7.5% in 2027.
From the report, the Ghanaian economy is expected to benefit from high commodity prices, particularly crude oil and expected increase in gold production.
Global demand for oil in 2022 is projected to increase to 99.7 million barrels a day (mb/d) in 2022, up 2.1 mb/d from 2021, according to the International Energy Agency.
Improved aggregate demand and supply of goods and exports will influence the expansion of the economy, which before the Covid-19 pandemic had been growing at a rate of about 6% on the average.
Industry is expected to pick up this year, whilst the Services and Agriculture sectors are expected to consolidate their gains in 2022.
