Ghana among the fastest growing economies in Africa – World Bank

The World Bank has rated Ghana among the highest growing economies in Sub-Saharan Africa.

Speaking to media men at the launch of the 18th edition of Africa’s Pulse, a bi-annual analysis of the state of African economies, a Program Leader with the World Bank, Errol Graham, said Ghana is helping drive the overall growth of the region with its 8.1% in 2017.

He said, “Ghana has an economy that is at least 25% larger than was estimated before the rebase…so that has in itself moved some of the key indicators,” he noted.

He, however, added that more needs to be done because revenues in the country are not performing as strongly as they should be.

On a whole, however, the World Bank noted that Sub-Saharan Africa’s growth for 2018 has been slower than expected.

According to Africa's Pulse, the average growth in the region for the year is 2.7%, a slight increase from 2.3% in 2017.

The World Bank’s Chief Economist for Africa, Dr Albert Zeufack noted that policymakers need to focus more on investments that “foster human capital, reduce resource misallocation and boost productivity” in order to hasten and sustain an inclusive growth momentum.

He added that “Policymakers in the region must equip themselves to manage new risks arising from changes in the composition of capital flows and debt”.