Ghana is 4th fastest growing economy in Africa – IMF

Ghana is expected to become the fourth fastest growing-economy in Africa, according to the International Monetary Fund (IMF).

Ghana is projected to achieve 7.6 per cent gross domestic product (GDP) growth rate in 2019.

The projected growth rate is up from the rate of 6.3 per cent GDP in 2018, according to IMF.

It says, “Ghana is an economic powerhouse in West Africa with a GDP size of approximately $51 billion.”

It would be recalled that the IMF’s board set March 2019 for Ghana’s final programme review before exit.

That followed a week assessment of the Ghanaian economy.

Meanwhile, oil-rich Libya is due to become the fastest growing economy in Africa with a GDP growth rate of 10.8 per cent this year. Libya’s currently has a GDP of over $50.95 billion.

Ethiopia and Rwanda, which were the first and second fastest-growing economies in Africa in 2018, are expected to grow at 8.5 per cent and 7.8 per cent respectively this year, making them the second and third fastest-growing economies for 2019.

The projections are contained in IMF’s recent global report in which it projected a 7.6 per cent GDP growth rate for Ghana in 2019, 6.3 per cent in 2020 and 6.1 per cent in 2021 respectively.