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Economy to rebound to 5% bracket from 2024 – S&P

 


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 2021, the size of the Ghanaian economy has shrank significantly due to exchange rate fluctuation where the cedi lost considerably to the dollar.  

For GDP per capita, S&P projected about $2,000 in 2023 same as 2024.

It is however expected to fall to about $1,900 in 2025.

The GDP per capita stood at about $2,500 in 2021 post Covid-19.

For savings to GDP ratio, the rate has been reducing from 19.6% in 2018 to 13.9% in 2022.

Economy expanded by 4.8% in quarter 2, 2022 – GSS

Ghana’s economy expanded by 4.8% in the second quarter of this year, higher than the 3.4% recorded in the first quarter, data from the Ghana Statistical Services has revealed.

The appreciable growth rate was driven by Manufacturing (8.8%), Crops and Cocoa (4.5%), Mining and Quarrying (4.4%), Information and Communication (12.4%) as well as the Education (13.2%) sub-sectors.

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