Ghana targets 7.6 economic growth in 2019

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Ghana is projecting its economy to grow by 7.6 percent in 2019, which show an increase of 6.8 percent from last year’s figure.

According to Finance Minister Ken Ofori-Atta, the government is also targeting a single-digit inflation of 8 percent, a fiscal deficit of 4.2 percent of GDP, primary surplus of 1.2 percent of GDP as well as Gross International Reserves to cover not less than 3.5 months of imports.

Mr. Ofori-Atta made the announcement at the presentation of the 2019 Budget statement and economic policy in Parliament.

In terms of sectoral growth, the minister said agriculture sector is expected to grow by 7.3 percent, the industry sector (9.7 percent), and the services sector (6.1 percent).

He stated that September 2018 figures show that real GDP grew by 5.4 percent in the first half of 2018.

He said real non-oil GDP grew by 4.6 percent compared to the 2018 target of 5.8 percent end-period inflation rate declined from 11.8 percent in 2017 to 9.8 percent at the end of September 2018, and further to 9.5 percent as of October 2018.

He said total expenditure, including clearance of arrears, has been estimated at GH¢73.4 billion, equivalent to 21.3 percent of GDP, representing a growth of 27 percent above the projected outturn for 2018.

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