The International Monetary Fund (IMF) maintains its 6.2 percent growth prediction for the Ghanaian economy in 2022.
This is higher than the 4.7 percent growth rate forecast for last year.
Though it did not provide explanations for the forecast high Gross Domestic Product for this year, the expected boost in economic activity as a result of further relaxation of Covid-19 limits would trigger that.
Improved aggregate demand and supply of commodities, exports, as well as government and household expenditure, would all have an impact on the economy’s growth, which had been increasing at a pace of approximately 6% on average prior to the Covid-19 outbreak.
According to the IMF’s October 2021 World Economic Report, Ghana’s GDP would develop at a pace of 6.2 percent in 2022. This is greater than research institute predictions, according to Joy Business. The faster pace of growth suggests that firms will be able to produce more income from sales and expand in the future.
The manufacturing sector is predicted to improve this year, while the services and agriculture sectors are likely to consolidate their gains in 2022.
The economy increases by 6.6 percent in the third quarter of 2021, the most since 2019.
Ghana’s GDP grew by 6.6 percent in the third quarter of this year, according to preliminary figures from the Ghana Statistical Service.
This is a huge rise over the same time last year, when there was a contraction due to the Covid-19 outbreak.
The main sub-sectors that expanded in quarter three of 2021 are Education (24.2%); Health & Social Works (20.5%); Information & Communication (17.0%); Professional Administrative & Support (16.7%); Hotel & Restaurants (16.4%); Public Administration & Defence, Social Security (16.3%), Fishing (14.3%); Real Estate (11.5%); Crops (9.8%).
In terms of sectoral growth rates, the Services sector grew at the fastest rate of 13.4 percent, followed by the Agriculture sector at 9.2 percent.
Industry, on the other hand, shrank by 2.0 percent. This was due to a downturn in the mining sub-sector.
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SOURCE: myjoyonline
