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Business News Thu, 11 Aug 2022

Ghana's economic growth projected to pick up from 2023-2025 – Auditing firm

Ghana’s real GDP growth has been projected to dip from 5.4% in 2021 to 3.7% in 2022, accounting and auditing firm, Deloitte Ghana has said.

According to the firm, consumption is currently witnessing a decline due to the continuous increase in the prices of goods and services.

In its review of the mid-year budget review presented by the finance minister on July 29, 2022, the auditing firm noted that the economy may begin to recover from the effects of the Russia-Ukraine invasion from 2023-2025.

“Growth is projected to pick up from 2023-2025 as the economy is projected to recover from the adverse impact of global developments including the Russia-Ukraine War and COVID-19 pandemic.”

However, during his presentation of the mid-year budget review, Finance Minister, Ken Ofori-Atta disclosed that the GDP growth rate has been reviewed to 3.7%.

Deloitte said, “GoG’s revised real GDP growth projection of 3.7% appears realistic as gold production and processing is expected to strengthen in the face of increasing domestic inflation and the disruption in global supply lines from the ongoing Russia-Ukraine war.”

It however wants the government to intensify its implementation of the programmes designed to expand and improve the economy.

These include; the agricultural modernization initiative; industrialization, and supporting businesses to take advantage of the Africa Continental Free Trade Agreement (AfCFTA).

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SSD/MA
Source: www.ghanaweb.com
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