GDP Archives - Page 2 of 2

28 Feb

Economy To Rebound To 5% Bracket From 2024 – S&P

wontumionlineBusinessEconomy, GDP, GDP per capita, Ghana

Ghana’s economy is expected to rebound to the 5% bracket from 2024. According to ratings agency, S&P, the economy will expand by 5.1% in 2024 and further to 5.4% and 5.5% in 2025 and 2026 respectively. The rating agency, however, affirmed its 3.0% Gross Domestic Product growth rate for Ghana in 2023, slightly higher than the government’s forecast of 2.8%. For the size of the economy, S&P projected about $68 billion in 2023, same as 2022. The size of the economy is also estimated at $67 billion in 2024 and 2025 respectively. From a high of $79 billion dollars in…

03 Feb

DDEP: The Real Issue Is The Quality Of GDP – Dr. Seddoh

wontumionlineBusinessDomestic Debt Exchange, Dr. Daniel Seddoh, GDP

Former Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Dr. Daniel Seddoh, says the argument that government would not be able to meet its financial obligations without a debt exchange does not hold water. According to him, the argument is flawed on the basis that citizens continue to pay taxes to government and economic activity is constantly being generated, thus government would consequently be able to generate revenue. “We should be careful raising that argument except you’re saying that we’ve stopped paying taxes, except you’re saying we’ve stopped generating economic activity,” he said on JoyNews’ PM Express Business…

11 Jan

Global Economy To Slow Down In 2023 To 1.7% – World Bank

wontumionlineBusinessDavid Malpass, GDP, Global economy, SSA, world bank

The global economy is projected to grow by 1.7% in 2023 and 2.7% in 2024, according to the World Bank’s January 2023 Global Economic Prospects report. The report said the sharp downturn in growth is expected to be widespread, with forecasts in 2023 revised down for 95% of advanced economies and nearly 70% of emerging market and developing economies. Over the next two years, per-capita income growth in emerging market and developing economies is projected to average 2.8%—a full percentage point lower than the 2010-2019 average. In Sub-Saharan Africa—which accounts for about 60% of the world’s extreme poor—growth in per…

21 Dec

Economy Slows Down In Quarter 3, 2022; Expands By 2.9% – GSS

wontumionlineBusinessAgriculture, GDP, GSS

Ghana’s economy grew at the slowest pace in two years in the third quarter of 2021, data from the Ghana Statistical Service (GSS) has revealed. According to the GSS, the country’s economy expanded at 2.9% in the third quarter of 2022. This is lower than the 4.7% Gross Domestic Product (GDP) recorded in the second quarter of 2022. The slow growth in industry (0.9%) impacted heavily on the overall growth rate. Agriculture however recorded the highest GDP of 4.6%, whilst the services sector registered a growth rate of 3.9%. Nine sub-sectors contracted in quarter three of 2022. These are Professional,…

05 Dec

Ghana Records $4.7bn In Remittances In 2022, Maintains 2nd Position In Africa

wontumionlineBusinessGDP, remittances

Ghana maintained its position as the 2nd largest recipient of remittances in Africa, recording $4.7 billion inflows in 2022. This is 4.4% more than the previous year. According to the latest World Bank Migration and Development Brief, Ghana received the second-largest remittance inflow in dollar terms and the ninth-largest level in relation to Gross Domestic Product in Africa. Indeed, it constituted 6.1% of GDP. The report said remittance flows to Africa in 2021 registered a strong 16.4% increase to reach $50 billion, exceeding expectations. The largest recipients of remittances in the region during 2022 – measured in US dollar terms –…

07 Nov

The Top 10 African Countries Projected To Experience Growth In Their GDP For 2023 According To The IMF

wontumionlineBusinessGDP

The Sub-Saharan region of Africa has had its economic growth stifled by events that could be described as whimsical, owing to how unforeseeable they have been. In 2020, the Covid-19 pandemic hit Africa hard, halting economic activities for over a year and causing tremendous fiscal loss. Just when things were beginning to pick up, a conflict halfway across the world influenced the entire African market by a substantial margin. The Russia/Ukraine conflict has caused both an energy and a food crisis simultaneously in Sub-Sahara, inadvertently spurring the rise of inflation across the region. However, amidst such economic challenges are glimpses…

07 Oct

Ghana’s Debt to GDP Will Not Affect IMF’s Decision To Bailout – Manasseh Boahene

wontumionlineFeatured, News, TrendingGDP, imf, Manasseh Atta Boahen

Government spokesperson on the economy Manaseh Atta Boahene, has said Ghana's debt to GDP will not play a role in IMF’s decision to bail the country as the International Monitory Fund (IMF) concludes its 10 day visit on Ghana’s debt sustainability on Friday 7th October, 2022. Speaking to Kwaku Dawuro on Movement In The Morning Show he said that ''World Bank report on Ghana’s debt sustainability analysis projects the Ghana's debt to GDP to hit 104% in December 2022. However, what they have said is just a projection which may or may not happen. Economic indicators are not only about…

05 Oct

Ghana’s Debt To Hit 104% To GDP- NPP’s Ebenezer Doku Says Government Can Account For It Borrowings

wontumionlineFeatured, News, TrendingEbenezer Doku, GDP, Ghana's GDP, NPP

The Greater Accra regional Director of research and elections for the New Patriotic Party (NPP), Mr. Ebenezer Doku has said the NPP can account for its debt as compared to the National Democratic Congress (NDC). Speaking to Kwaku Dawuro on Movement In The Morning With Kwaku Dawuro, Mr. Doku said that ‘’very soon our debt to GDP will hit 104%, there is a reason to worry because that is not how we want it. However there was a time we got a government in power who was borrowing but there was nothing to show for. As a speak, several children…

26 Sep

Ghana’s Public Debt Was 80% To GDP During Covid-19 Pandemic; We’ll Help Restore Macroeconomic Stability – IMF

wontumionlineBusinessDebt Sustainability Analysis, FAQs, GDP, imf, Public Debt

The International Monetary Fund (IMF) has reiterated that Ghana’s public debt increased from 65% to 80% of Gross Domestic Product during the period of the Covid-19 pandemic. This is contrary to the government’s figures that public debt to GDP was about 73%. In a Frequently Asked Questions (FAQs) session, the Fund said at the same time, the government’s fiscal efforts to preserve debt sustainability were not seen as sufficient by investors, leading to credit rating downgrades, non-resident investors exit from domestic bond market and loss of access to international capital markets. “These adverse developments, further exacerbated by the price and…