IMF: Ghana’s per capita income now $1,340

The International Monetary Fund (IMF) has expressed optimism in Ghana’s economic growth with significant progress expected at the end of the year.

A report released by IMF in April this year has indicated that Ghana’s Gross Domestic Product (GDP) per capita income for 2015 has increased to US$1,340.4 from the initial US$1,266.1 in 2008.

The 2016 World Economic Outlook Report pointed out that the figure represents an increase of 5.9 percent over the period.

Compared to other African countries, the current figure is higher than that of Cote d’Ivoire (US$1,314.7) and Senegal (US$913.0).

According to the report, which was compiled by experts, the recent power crises affected the expected growth of the economy but added that the overall performance was encouraging with a projection of 7.7 per cent by 2017.

“In Ghana, growth is projected to increase in 2016 to 4.5 percent, from 3.5 percent last year, when it was hampered by power shortages and fiscal consolidation,” the report said.

Government has lauded the report and has pointed out that it is an indicator of the improvement in the well-being of Ghanaians under President John Mahama.

“We believe human development is a more encompassing and comprehensive way to conceptualise development, as it puts people first. In this light, the government acknowledges the gains made over the last few years in major human development indicators,” a statement issued by the Minister of Communication, Dr Edward Omane Boamah, on Tuesday, June 7 read.

“Ghana achieved the Millennium Development Goal 1 target of reducing the proportion of poor people by half by 2015 in 2013 – two clear years ahead of the deadline,” the release added, as it catalogued the different achievements in the various sectors.