The International Monetary Fund has lowered Ghana’s growth rate to 1.6% for this year, from the earlier projection of 2.8% in its April 2023 World Economic Outlook (WEO) Report.
This is coming after the World Bank cut the country’s growth rate forecast for this year to below 2%.
The Fund cited fiscal slippages as a result of high debt and budget deficit, reducing government spending in infrastructure and investments, as the major reasons.
It however predicted a 2.9% expansion of the economy in 2024.
For emerging market and developing economies, the report said economic prospects are on average stronger than for advanced economies, but these prospects vary more widely across regions.
Source:Mybrytfmonline.com/Kwabena Nyarko Abronoma
