Ghana’s economy will record one of the fastest growth in the world in 2018, PwC’s Global Economy Watch for 2018 has predicted.
According to the report, the West African country’s economy will grow even faster than that of China which has been predicted would grow by 6-7 percent in 2018.
The report comes as a massive boost for President Nana Addo Dankwa Akufo-Addo and his ruling NPP government as they have come in for criticism for a sluggish economy since assuming power 12 months ago.
per the report, the world’s second largest producer of cocoa economy will grow bigger than 7 percent as strong economic policies put in place by the government begin to make the desired impact after a shaky take off.
Amongst the 17 economies that will grow faster than China are India, Ghana, Ethiopia and the Philippines, pointing to broader based growth in Africa and Asian economies.
Eight of the ten fastest growing countries in 2018 could be in Africa according to PwC’s analysis with Ghana leading the charge in improved economies the report seen by www.ghanaguardian.com claims.
With the fastest level of growth for several years, 2018 is predicted by PwC to be the most energy hungry on record too which shows the Ghana government must prepare for the demands for energy in the country.
Almost 600 quadrillion British Thermal Units of energy could be consumed by the global economy in 2018, the highest level on record and double that of 1980.
India and China alone are expected to consume 30 percent of global energy.
Despite this, PwC’s outlook predicts oil prices are set to remain broadly stable in real terms, with OPEC and its allies extending its 1.8 million barrels per day supply cut until the end of next year.