World Bank names Ghana among fastest-growing economies in the world

A world Bank report has named Ghana among the fastest-growing economies in the world. The other countries named alongside Ghana are Ethiopia, Rwanda and Cote d’Ivoire.

According to the Chief Economist for Africa at the World Bank, Dr Albert Zeufack “Africa still hosts four of the fastest-growing economies in the world. Countries such as Ethiopia, Rwanda, Ghana and Cote d’Ivoire are still growing above seven per cent.

Speaking in a live video conference streamed from Washington, DC, USA at the launch of the 20th edition of the Africa Pulse Report, the World Bank’s twice-yearly economic update for sub-Saharan African he added that the four countries are not only the growth champions on the continent but also among the fastest -growing economies in the world.

The launch of the report, which focused on two special topics — Accelerating poverty reduction in Africa and empowering African women — coincided with the 10th anniversary of the report.

Dr Zeufack mentioned six other countries in Africa — Benin, Mauritania, Niger, Senegal, Uganda and Burkina Faso — which he said were growing above six per cent.

“So, overall, we do have 10 economies in Africa that are still growing above six per cent, but it is also important to highlight the three largest economies in Africa — Nigeria, South Africa and Angola — which are still having extreme difficulty recovering from the recession they experienced over the past two years.

“Excluding these three economies, the rest of Africa is growing around four per cent,” he said.

Dr Zeufack said the macroeconomic outlook growth in sub-Saharan Africa was projected at only 2.6 per cent in 2019, and that for the next four consecutive years, average growth in the region would be below three per cent.

Describing such growth as ‘anaemic’, the chief economist blamed the slow economic growth on three factors — deepening global trade tension, which he said was affecting the entire world; the slow pace of domestic reforms, especially in areas of debt management and inefficiency of public sector institutions, and climate shocks, such as the cyclone that affected Mozambique, Zimbabwe and Malawi.

He added that alternating cycles of drought and floods were also affecting the agricultural sector across the continent, saying: “All these are translating into export and investment, therefore, slowing down growth.”

ALSO READ: World Bank cuts Sub-Saharan Africa’s 2019, 2020 growth forecast

“In a way, governments, firms and individuals are having difficulty creating jobs, which are so desperately needed for themselves or for their communities,” Dr Zeufack said.

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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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