Economy of Ghana is expected to grow by 4.7 percent in 2021 – IMF

The International Monetary Fund IMF has projected 4.7 percent economic growth rebound in 2021 for Ghana in its 2021 Executive Board Consultation with Ghana.

In an article publish on July, 19, 2021, IMF indicates that, the government response helped contain the pandemic and support the economy.

According to IMF “An economic recovery is underway. Growth is expected to rebound to 4.7 percent in 2021, supported by a strong cocoa season and mining and services activity, and inflation remaining within the Bank of Ghana target.

The current account deficit is projected to improve to 2.2 percent of GDP, supported by a pickup in oil prices, and gross international reserves are expected to remain stable. The 2021 budget envisages a fiscal deficit of 13.9 percent of GDP in 2021, including energy and financial sector costs, and a gradual medium-term fiscal adjustment which would support a decline in public debt starting in 2024”. It says.

“The Ghanaian Cedi remained stable against the US dollar, partly due to central bank intervention, and gross international reserves remained at 3.2 months of imports. External and domestic financing conditions tightened considerably at the start of the pandemic, but have improved since, and Ghana successfully returned to international capital markets for a US$3 billion Eurobond issuance in March 2021” It added

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Richmond Mortty Bediako

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