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Government revises GDP growth rate from 5.8% to 3.7% for 2022

Ken Ofori Atta Finance Minister5678 Finance Minister, Ken Ofori-Atta

Tue, 26 Jul 2022 Source:

Finance Minister delivers 2022 mid-year budget review

2021 GDP growth rate was pegged at 5.4% - Finance Minister

Government not seeking additional funds - Ken Ofori-Atta tells Parliament

The Government of Ghana has revised the country's Gross Domestic Product (GDP) growth rate from 5.8 percent to 3.7 percent for 2022.

According to the Finance Minister, the revision of the GDP growth target and other macroeconomic variables is necessitated by the current economic hardships on the globe.

Delivering the 2022 mid-year budget review in parliament on July 25, Ken Ofori-Atta explained, "In the light of significate changes in the global environment and our own unique challenges, we have revised our economic growth estimate for 2022 to 3.7 percent, down from 5.8 percent as stated in the 2022 budget."

The Finance Minister added that apart from the revised overall GDP growth rate, almost all other macroeconomic variables have been revised downward.

"… non-oil GDP growth of 4.3 percent down from 4.9 percent; end-period inflation of 28.5 percent, up from 8 percent. The overall deficit of 6.6 percent of GDP, down from 7.4 percent; primary surplus of 0.4 percent of GDP, up from a surplus of 0.1 percent and a Gross International Reserve of not less than 3-months import cover," he told lawmakers in parliament.

He further stated that the overall GDP growth rate for the first quarter of 2022 was pegged at 3.3 percent, with the non-oil GDP growth rate being 3.7 percent.

The Finance Minister further disclosed that the overall GDP growth rate for 2021 was 5.4 percent compared to 0.5 percent recorded in 2020, and non-oil GDP growth increased to 6.9 percent compared to the 1 percent recorded in 2020.

Read the Minister's full 2022 mid-year budget statement below:


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