Ghana’s growth rate revised to 1.4%
The World Bank has revised Ghana’s 2021 growth rate and forecasted the economy to grow at 1.4 percent this year.
This year’s forecasted Gross Domestic Product (GDP) growth rate is below the 3.4 percent the Bank earlier projected in June last year and weaker than the Sub-Saharan growth rate of 2.7 percent in 2021 – 0.4 percentage point weaker than the previously projected – before firming to 3.3 percent in 2022.
In its latest report dubbed Global Economic Prospects, the World Bank said the lingering effects of the coronavirus pandemic on oil and other sectors of the economy would influence the country’s growth.
“In Ghana the region’s fourth largest economy the expected resilience in agriculture will not be sufficient to offset the pandemic’s lingering impact on oil and other sectors. As a result, the growth forecast for 2021-22 has been downgraded,” the report said.
The report said food price surges were bound to worsen inequality and raise food insecurity among the poor in some African countries including Ghana.