<\/p>\n
With a projected growth rate of 5.3%, the African Development Bank is forecasting a positive economic outlook for the Ghanaian economy this year.<\/p>\n
According to its 2022 Economic Outlook Report released at the Bank\u2019s ongoing Annual Meeting in Accra, it is, however, expecting a slight drop in the rate at which the economy grows.<\/p>\n
The projected growth rate for 2022 of 5.3%, is a target lower than the 5.8% set by the government in the 2022 budget.<\/p>\n
The growth of the economy in 2022 will, however, also be higher than Sub Saharan Africa\u2019s average of 3.7% in 2022.<\/p>\n
The release of the 2022 African Economic Outlook comes against a backdrop of two major global crises: the lingering COVID-19 pandemic and the Russia\u2013Ukraine conflict. The latter erupted as Africa\u2019s economy was on a path of recovery from the ravaging impact of the pandemic, and it threatens to set back the continent\u2019s promising economic prospects.<\/p>\n
In the report, the African Development Bank noted that Ghana\u2019s attributed the projected GDP growth of 5.3% for 2022 to the Ghana COVID-19 Alleviation and Revitalization of Enterprises Support Program.<\/p>\n
\u201cThe outlook remains positive, with projected GDP growth of 5.3% and 5.1% in 2022 and 2023 supported by the Ghana COVID-19 Alleviation and Revitalization of Enterprises Support Programme. Potential inflationary pressure exists due to increased energy and food prices associated with the impact of the Russia\u2013Ukraine,\u201d the report noted.<\/p>\n
However, it expressed concern about potential inflationary pressures due to increased energy and food prices associated with the impact of the Russia\u2013Ukraine unrest.<\/p>\n
It noted that \u201cInflation is projected to surge to 15% in 2022 before falling to 9.1% in 2023 and the Central Bank is expected to adopt a tight monetary policy stance.\u201d<\/p>\n
Furthermore, the fiscal deficit is projected to narrow further to 12.8% of GDP in 2022 and 10.3% in 2023, spurred by revenue-enhancing reforms. The current account deficit is projected to narrow to 1.6% of GDP in 2022 and 3.3% in 2023, on increased exports.<\/p>\n
On climate change, issues and policy options; the African Development Bank noted that climate change stemming from erratic rainfall, rising temperatures, drought, floods, a rising sea level, and tidal waves presents significant threats to agriculture and energy, as well as climate-induced migration.<\/p>\n
It noted that agriculture and energy, which both depend heavily on rainfall, are thus highly susceptible to fluctuating rainfall.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
With a projected growth rate of 5.3%, the African Development Bank is forecasting a positive economic outlook for the Ghanaian economy this year. According to its 2022 Economic Outlook Report released at the Bank\u2019s ongoing Annual Meeting in Accra, it is, however, expecting a slight drop in the rate at which the economy grows. The […]<\/p>\n","protected":false},"author":1,"featured_media":1100946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[3739,3010,1984,250,708,4338,191,930,2366,1584],"class_list":["post-1100944","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-afdb","tag-economic","tag-gdp","tag-grow","tag-outlook","tag-positive","tag-projected","tag-remain","tag-report"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1100944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1100944"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1100944\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1100944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1100944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1100944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}