Fitch projects Ghana’s economy to hit US$70 billion in 2021

Fitch Solutions, research arm of rating agency, has projected Ghana’s economy to jump from US$62.8 billion to US$70 billion by the end of 2021.

This was contained in the rating agencies, April 2021 West Africa Monitor report.

The expected growth will translate into per capita income of US$2,206 in 2021, from US$2,020 recorded in 2020.

Also, the total value of goods and services produced in the country is expected to go up by US$5 billion to US$75.5 billion next year, and further to US$83.2 billion in 2023.

According to Fitch, the projected growth will firm up Ghana’s position as the 8th biggest economy in Africa.

The economy is forecast to hit 4.5% this year with all the sectors contributing to some extent to the relative appreciable growth rate for this year.

Information & Communication, Fishing and Real Estate are the Sub-sectors that are expected to drive the Gross Domestic Product (GDP) growth rate.

Data from the Bank of Ghana Composite Index of Economic Activity show that exports including gold, cocoa and oil have all been buoyant so far in 2021, whilst ports, construction and passenger arrival at the airport.

Meanwhile, Nigeria, Egypt, and South Africa will remain 1st, 2nd, and 3rd biggest economies on the continent. Nigeria’s economy is presently estimated at US$466 billion.