AfDB projects 5.3% growth rate for Ghana in 2022

The African Development Bank (AfDB) has also projected inflation to surge to 15% in 2022 before falling to 9.1% in 2023

The African Development Bank (AfDB) has said Ghana’s outlook remains positive, with projected gross domestic product (GDP) growth of 5.3% and 5.1% in 2022 and 2023 respectively.

The AfDB said this will be supported by the Ghana COVID-19 Alleviation and Revitalization of Enterprises Support (Ghana CARES) Programme.

In its 2022 African Economic Outlook, the AfDB said potential inflationary pressure exists due to increased energy and food prices associated with the impact of the Russia– Ukraine.

According to the report, inflation is projected to surge to 15% in 2022 before falling to 9.1% in 2023. The Bank of Ghana (BoG) is expected to adopt a tight monetary policy stance.

The AfDB has also projected the country fiscal deficit to narrow further to 12.8% of GDP in 2022 and to 10.3% in 2023, spurred by revenue-enhancing reforms.

The current account deficit is projected to narrow to 1.6% of GDP in 2022 and 3.3% in 2023, on increased exports.

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