2023 Macroeconomic Performance and Outlook Report

The African Development Bank says Ghana’s economy expanded by 3.6% in 2022, from 5.4% in 2021. This is slightly lower than the 3.7% forecast by the Government of Ghana and 3.8% by the World Bank. Indeed, this was also 1.8 percentage points lower than the initial forecast of 5.4%. In its latest  2023 Macroeconomic Performance and Outlook Report, it said growth was weighed  down  by  deep  macroeconomic  imbalances— higher inflation, depreciating local currency,  and  high  public  debt,  estimated  at  91% of Gross Domestic Product. The top growth performers in 2022  were  Seychelles (8.3%),  Rwanda  (6.9%) and Kenya (5.5%). Growth in oil-exporting…