Dr.Frank Bannor, an Economist, has added his voice to the World Bank’s estimated growth of Ghana’s economy from 4.1% to 5.5% in 2022. According to him, Ghana’s economic fundamentals are in good standing.
He made this known during an interview on Movement In The Morning Political Show on Movement TV.
Ghana was recently ranked the 8th richest country in Africa with $74.26 billion in Gross National Income (GNI), conferring to the European Union’s Global average.
World Bank reports that “Ghana’s economy is projected to remain relatively strong over the medium term, supported by higher prices for key exports and strong domestic demand. Growth is projected to reach 5.5% in 2022 and average 5.3% over 2022. Growth is expected to be broad-based led by agriculture and services and a relatively stronger industry sector’’.
Speaking on Ghana’s economic status he said, ”Economic growth is mostly driven by the oil sector but in recent times the narrative has been different. Today, the service sector is driving 50% growth due to digitization, 29% increase in the industries, and about 21% escalation in the Agricultural sector. These figures show that the economy is in good health. The data will always expose if the economy is not working”.
“Ghana has sound economic policies that are facilitating trade. Business transactions have become easier through the use of mobile money services and bank transactions which has contributed massively to the service sector’’,he indicated.
He added Ghana’s economy is one of the fastest-growing economies in the world.
“Ghana’s economic fundamentals are in good standing”, he added.
On 28th April 2022, the World Bank approved $200 million to help the Government of Ghana increase access to broadband, enhance the efficiency and quality of selected digital public services, and strengthen the digital innovation ecosystem in Ghana to help create better jobs and economic opportunities.
Here are the 10 richest countries in Africa:
- Nigeria ($514.05 Bn)
- Egypt ($394.28 Bn)
- South Africa ($329.53 Bn)
- Algeria ($151.46 Bn)
- Morocco ($124.00 Bn)
- Kenya ($106.04 Bn)
- Ethiopia ($93.97 Bn)
- Ghana ($74.26 Bn)
- Ivory Coast ($70.99 Bn)
- Angola ($66.49 Bn)
Video below…