The 2022 first quarter growth is the second slowest growth rate the country recorded since 2020 after the -3.3 percent growth recorded in the third quarter of 2020.
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.
Looking into Ghana’s fiscal position following increased spending on health and household support due to COVID-19 pandemic, Ghana’s fiscal deficit would widen to an estimated 11.3% in 2021. This is well above historical level
Investment in new oilfields will be slow, delaying a resurgence of real GDP growth to pre-coronavirus levels, despite efforts by the government to facilitate industrialisation under the Covid-19 Alleviation and Revitalisation of Enterprises Support programme, says EIU.