Ghana’s economy to be 3rd fastest-growing economy – Fitch Solutions projects

The country’s projected growth rate of 1.96 percent will position it as the third fastest growing economy in 20 Sub Saharan African countries tracked by Fitch Solutions.

Covid-19 has slowed the GDP of most African countries that are expected to register negative growth rates this year.

The renowned ratings agency attributed the expected growth rate of the country to rebound in economic activities in the last quarter of the year, where there are anticipated substantial imports and exports.

Kotoka International Airport was reopened to international flights and arrivals about a week ago, and that is expected to stimulate economic activities and boost revenue going forward.

Fitch Solutions also said the country will enjoy from high gold prices although crude oil prices have gone below its forecast price.

The nation registered a growth rate of 4.9 percent in the first quarter of this year, at a time, the corona virus pandemic has reached an alarming rate in Europe, Asia and the United State of America.

In Sub Saharan Africa, the Ivory Coast is expected to record the highest GDP of 2.68 percent and followed by Uganda with an expected growth rate of 2.13 percent.

Africa’s largest economies, Nigeria and South Africa will all record negative growth rates for this year, meaning their economies will contract very heavily.

 

Source: Peacefmonline

 

 

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