April 15, 2024

The Eye Of Africa

Ghana’s growth rate reduced again for the second time this 2023

1 min read

The International Monetary Fund has further lowered Ghana’s growth rate to 1.2%, from the July 2023 forecast of 1.6%.

This is the second time the Fund has revised Ghana’s Gross Domestic Product (GDP) growth for this year. In April 2023, the Fund predicted a 2.8% growth rate for Ghana in its World Economic Outlook (WEO) Report.

 

The World Bank had also slightly lowered the country’s growth rate forecast for this year to 1.5%, according to its October 2023 Africa Pulse Report.

The Fund again cited fiscal slippages as a result of high debt and budget deficit, reducing government spending in infrastructure and investments, as major reasons.

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