The World Bank has revised Ghana\u2019s 2021 growth rate and forecasted the economy to grow at 1.4 percent this year.<\/p>\n
This year\u2019s forecasted Gross Domestic Product (GDP) growth rate is below the 3.4 percent the Bank earlier projected in June last year and weaker than the Sub-Saharan growth rate of 2.7 percent in 2021 \u2013 0.4 percentage point weaker than the previously projected \u2013 before firming to 3.3 percent in 2022.<\/p>\n
In its latest report dubbed Global Economic Prospects, the World Bank said the lingering effects of the coronavirus pandemic on oil and other sectors of the economy would influence the country\u2019s growth.<\/p>\n
\u201cIn Ghana the region\u2019s fourth largest economy the expected resilience in agriculture will not be sufficient to offset the pandemic\u2019s lingering impact on oil and other sectors. As a result, the growth forecast for 2021-22 has been downgraded,\u201d the report said.<\/p>\n
The report said food price surges were bound to worsen in equality and raise food insecurity among the poor in some African countries including Ghana.<\/p>\n
\u201cA combination of the COVID-19 containment restrictions and adverse weather events (floods, droughts, locust infestations have contributed to localised food price spikes in the region (Angola, Ethiopia, Ghana, Nigeria and Senegal),\u201d the report said.<\/p>\n
The World Bank revised Ghana\u2019s growth rate for last year to 1.1 percent from the 1.5 percent earlier projected.<\/p>\n
\u201cInflation remained elevated, or even accelerated, in response to weaker currencies and food price pressures in others \u2013 Angola, Ethiopia, Ghana, Nigeria, Senegal,\u201d the report said.<\/p>\n
The report revealed that Ghana\u2019s economy would rebound to 2.4 percent in 2022, lower than the 4.4 percent the Bank earlier projected.<\/p>\n
It said the pickup in economic activity and export growth would influence the country\u2019s GDP growth next year.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The World Bank has revised Ghana\u2019s 2021 growth rate and forecasted the economy to grow at 1.4 percent this year. This year\u2019s forecasted Gross Domestic Product (GDP) growth rate is below the 3.4 percent the Bank earlier projected in June last year and weaker than the Sub-Saharan growth rate of 2.7 percent in 2021 \u2013 […]<\/p>\n","protected":false},"author":86,"featured_media":8351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[],"class_list":["post-8350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english"],"yoast_head":"\n