IMF Sees 8.8% Robust Real GDP Growth For Ghana In 2012

Real gross domestic product (GDP) growth in Ghana for the year 2012 will be 8.8%, the International Monetary Fund (IMF) projected in its April 2012 World Economic Outlook (WEO) released April 17, 2012 citing robustness of the economy.

“After the one-time boost from the start of oil production last year, Ghana’s growth is set to moderate to a still-robust 8.8% this year,” said the WEO.

But growth will ease to 7.4% in 2013, according to the Fund. The IMF pegged the country’s economic growth at 13.6% for 2011 but revised estimates recently provided by the Ghana Statistical Service (GSS) indicated the economy grew by 14.4% in 2011.

With consumer prices at 8.7% in 2011, the IMF projects that prices will be around 9.6% and 8.9% in 2012 and 2013 respectively. The country’s current account balance recorded a -10% of GDP in 2011, the WEO figures showed with projections for 2012 and 2013 expected at -6.9 and -6.0 respectively.

For Ghana’s unemployment rate, the Fund did not give figures for 2011, 2012 and 2013.

In sub-Saharan Africa, the IMF said the pace of growth is projected to pick up in 2012 to 5.4%, with the region relatively less exposed to the global slowdown but not immune to spillovers from the euro area’s problems.

On the global economy, it said the prospects are slowly improving again, but it expects growth to be weak, especially in Europe. Unemployment in many advanced economies will stay high, according to the WEO’s forecast.

“Real GDP growth should pick up gradually during 2012-13 from a trough seen in the first quarter of 2012, with signs of improvement in the United States, and the emerging economies remaining supportive,” the IMF pointed out.

Overall, IMF stated, “global growth is projected to drop from close to 4% in 2011 to about 3.5% this year, picking up to 4.1% next year.”