More Gov’t Economic Failures Exposed -As IMF drops Ghana Growth Rate

Contrary to impressions created by the Akufo Addo administration, Ghana’s economy is not growing in “leaps and bounds” because the International Monetary Fund (IMF) has downgraded the country’s growth projections.
IMF’s latest assessment of Ghana’s economic performance left it no choice than to drop growth rate for 2020 down to 5.6% from the earlier estimate of 6%.
This is contained in the freshly released January 2020 World Economic Outlook Report.
The World Bank had earlier expected Ghana to grow at 6.8%, which would have made it the 3rd fastest-growing economy in Sub Saharan Africa.
The IMF’s reviewed growth rate of 5.6% is, however, higher than the average in Sub Saharan Africa which is expected to grow at 3.5 per cent in 2020–21.
However, while Ghana’s projection is dropping, that of sub-Sahara Africa is climbing. It had climbed from 3.3 per cent in 2019 to 3.5 per cent.
Between 2020 and 2021, the Bretton Woods institutions anticipate that oil and gas GDP will be negative.
Meanwhile, global growth is projected to rise from an estimated 2.9 per cent in 2019 to 3.3 per cent in 2020 and 3.4 per cent for 2021—a downward revision of 0.1 percentage point for 2019 and 2020.