Ghana: IMF cuts growth forecast to 6.3% of GDP

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The International Monetary Fund (IMF) has revised downwards its earlier 6.8 percent Gross Domestic Product (GDP) projection for the Ghanaian economy in 2018 to 6.3 percent.

The fund’s latest World Economic Outlook Report on World Economy and Financial Surveys, said the country’s growth will however be higher at 7.6 percent GDP in 2019 but will gradually dip to about 5.1 percent GDP by 2023.

The IMF also said inflation will average 8 percent in 2018 and 2019 respectively. This indicates that prices of items will remain lower while interest rate declines.

The Bretton Woods institution further noted that Ghana’s current account position will however remain negative though lower than before. It is projecting a current account of -4.1 percent of GDP in 2018, -4.0 percent of GDP next year and-3.6 percent of GDP.

Typically, Ghana’s current account position has been relatively high above 7.0 percent of GDP.

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