Ethiopia overtakes Ghana as Africa’s fastest growing economy
- Ghana loses No. 1 sub-Sahara spot as IMF revises 2018 economic growth forecasts
- Ghana GDP surged 8.5% in 2017
The International Monetary Fund (IMF), has revealed in a recent data that Ghana has lost its mantle as the African economy likely to grow the quickest this year to Ethiopia.
According to the IMF report Ghana has now become the second biggest economy in Africa and it is expected to experience a 6.3% gain this year.
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The IMF report indicated that Ghana’s current growth is lower than the 8.9% forecast in October and is also less that the raised 7.4% estimate for Cote d’Ivoire.
Meanwhile, the prediction for Ethiopia was held at 8.5%.
Ghana’s $43 billion economy which surged 8.5% in 2017 is mainly driven by commodities, including oil, gold and cocoa.
Ghana’s economic growth boom has been linked to oil since it became a producer in 2010.
Ethiopia, whose gross domestic product is almost double Ghana’s, has drawn investors including General Electric Co., Johannesburg-based Standard Bank Group and hundreds of Chinese companies.
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The IMF increased its forecast for expansion in sub-Saharan Africa to 3.4% this year and 3.7% the next “as the challenging outlook in commodity exporters gradually improves,” it said.
Nigeria, the region’s most-populous nation and top crude producer, will grow 2.1%, matching the lender’s estimate released in the Jan. 22 update to the outlook, while South Africa, the world’s biggest source of platinum, will expand 1.5%, more than the 0.9% prediction three months ago. The two economies account for almost half of the region’s GDP.
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Source: YEN.com.gh
