Kwabena Gyan Kwakye (right) addressing the media<\/span><\/span><\/p>\n<\/div>\n The World Bank has predicted that Ghana\u2019s economy will witness strong growth in 2019, driven largely by an expected increase in oil and gas production.<\/p>\n
Similar to the projection by the Ghana government, the bank projects that the value of total economic activity, measured by gross domestic product (GDP), in 2019 will grow by 7.6 per cent.<\/p>\n
The expected 7.6 per cent growth is higher than the 2.8 per cent growth projected by the bank for sub-Saharan Africa (SSA).<\/p>\n
In its 2019 budget statement, the Ghana government projected the economy to grow by 7.4 per cent this year.<\/p>\n
An economist at the World Bank Ghana Office, Mr Kwabena Gyan Kwakye, said the 7.6 per cent growth rate represented a 1.4 percentage point increase over the bank\u2019s prediction for the economy in 2018.<\/p>\n
He said this when he addressed the media on the sidelines of a video press conference from Washington, DC, USA, last Monday. The video conference discussed the bank\u2019s latest report, Africa\u2019s Pulse, which is a bi-annual analysis of the state of African economies and projections into the future.<\/p>\n
The conference was led by the World Bank\u2019s Chief Economist for Africa, Dr Albert Zeufack.<\/p>\n
Non-oil GDP<\/b><\/p>\n
Mr Kwakye cited Ghana\u2019s oil production as the main driver of the projected growth.<\/p>\n
He added that the non-oil production sectors, such as mining, agriculture, services and manufacturing, would also be contributors.<\/p>\n
\u201cOil production will pick up in 2019. Apart from oil production, we also expect higher non-oil growth, especially when government policies on agriculture are actually going to be felt much in 2019,\u201d he said.<\/p>\n
Sub-Saharan growth<\/b><\/p>\n
On Sub-Saharan Africa, the report (Africa\u2019s Pulse) said the 2019 growth rate projection for SSA is 0.5 percentage points higher than the 2.3 per cent growth rate recorded in 2018.<\/p>\n
\u201cWe expect growth in SSA to recover to 2.8 per cent in 2019, supported by exports, private consumption, a rebound in agriculture and an increase in mining and services in some countries,\u201d the report added.<\/p>\n
Digital transformation<\/b><\/p>\n
Earlier in his presentation of the Africa\u2019s Pulse report, Dr Zeufack observed that digital transformation had the capability of unlocking new pathways for inclusive growth, innovation, service delivery and poverty reduction in Africa.<\/p>\n
He said although there had been a surge in mobile connectivity on the continent, Africa must leverage on the emerging digital economy by improving infrastructure.<\/p>\n
\u201cWhile Africa has made great strides in mobile connectivity, the continent lags behind the rest of the world in access to broadband. There is still a long way to go,\u201d he said.<\/p>\n
He stated that increased digitisation could bolster per capita income growth by 1.5 per cent and reduce poverty by 0.7 per cent per year.<\/p>\n
\u201cThe benefits of the digital transformation in SSA are even higher: it can increase growth by nearly two percentage points per year and reduce poverty by nearly one percentage point per year,\u201d he said.<\/p>\n
He stressed the need for digital skills and entrepreneurship and platforms within the digital space.<\/p>\n<\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Business News of Wednesday, 10 April 2019 Source: Graphic.com.gh 2019-04-10 Kwabena Gyan Kwakye (right) addressing the media The World Bank has predicted that Ghana\u2019s economy will witness strong growth in 2019, driven largely by an expected increase in oil and gas production. Similar to the projection by the Ghana government, the bank projects that the […]<\/p>\n","protected":false},"author":1,"featured_media":606739,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-606738","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
Oil to drive Ghana\u2019s 2019 economic growth - World Bank - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/04\/10\/oil-to-drive-ghanas-2019-economic-growth-world-bank\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Oil to drive Ghana\u2019s 2019 economic growth - World Bank - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Wednesday, 10 April 2019 Source: Graphic.com.gh 2019-04-10 Kwabena Gyan Kwakye (right) addressing the media The World Bank has predicted that Ghana\u2019s economy will witness strong growth in 2019, driven largely by an expected increase in oil and gas production. 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![\"Kwabena](\"https:\/\/cdn.ghanamma.com\/2019\/04\/31760191.295.jpg\" "\\"Kwabena")
Kwabena Gyan Kwakye (right) addressing the media<\/span><\/span><\/p>\n<\/div>\n