Economy’s growth could have been 6.8% and 6.4% in 2020 and 2025 without COVID-19 - Report

Economy’s growth could have been 6.8% and 6.4% in 2020 and 2025 without COVID-19 - Report

- A World Bank report released in April 2020 shows the growth levels Ghana's economy could have experienced without the COVID-19

- The report shows that the economy could have grown by 6.4% and 5.9% in 2025 and 2030 without the outbreak

- It also revealed that investments could have increased by 5.1%, 4.6% and 3.9% in 2020, 2025 and 2030, respectively

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A World Bank report has projected that Ghana’s economy could have grown by 6.4% and 5.9% in 2025 and 2030 but for the outbreak of the coronavirus.

Per projections available, the economy should have grown by 6.8% of the Gross Domestic Product (GDP) in 2020, which has been considered as appreciable by economists and market watchers.

The 2020 Pulse Africa Report also shows that investments were expected to increase by 5.1%, 4.6% and 3.9% in 2020, 2025 and 2030, respectively.

READ ALSO: COVID-19: Ghanaian businesses to enjoy GHC1 billion stimulus package

Imports were also expected to grow by 5.8%, 5.4% and 4.9% correspondingly in the same manner.

A classfmonline.com report shows that the economic impact of the coronavirus has compelled Ghana to revise its projections for 2020.

The decision, YEN.com.gh has learned, could also affect future growth targets in subsequent years.

As he presented fresh expenditure for approval in Parliament due to COVID-19, the Minister of Finance, Ken Ofori-Atta, revealed that the economy could grow by about 1.5 to 2.6% in 2020.

He added that even though the effects of the outbreak are still unfolding, a preliminary analysis of the economy showed that 2020 projected real GDP growth rate could fall from 6.8% to 2.6% with an outbreak and 1.5% with a partial lockdown.

YEN.com.gh earlier reported that President Akufo-Addo stated the effect of the coronavirus could lead to a fall in Ghana’s growth rate from 7% to 2.5%.

This, he said, would become possible if the current situation continues till the end of the year.

He, however, gave Ghanaians the assurance that efforts would be made to ensure that the economy would be stabilised to protect the interest of the nation.

The Bank of Ghana has predicted the country could experience its worst GDP growth rate ever if the coronavirus continues to linger for the rest of 2020.

READ ALSO: COVID-19: Akufo-Addo announces GHC600 million soft loan package for SMEs in Ghana

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