Economy to become 12th fastest growing in Sub-Saharan Africa in 2022

Ghana’s economy is expected to become the 12th fastest growing economy in Sub-Saharan Africa in 2022 with an expected growth rate of 5.2%.

According to the International Monetary Fund April 2022 Regional Economic Outlook Report, this will place the country at a joint 12th position with Cape Verde among league of Sub-Saharan African economies.

In West Africa, the nation will place 6th again with Cape Verde.

The 5.2% expected expansion in the economy in 2022 will be slightly lower than the Gross Domestic Product (GDP) growth rate recorded in 2021.

In 2021, the IMF projected a growth rate of 4.2%, but the economy expanded by 5.4%, according to provisional estimates from the Ghana Statistical Service.

This was as a result of strong growth in the Services sector (9.4%), particularly Information, Communication and Technology (33.1%) and Agriculture (8.4%), particularly the Fisheries (13.4%) sub sector.

In 2023, the Fund forecasts a growth rate of 5.1%, which will place the country in the 21st position in the league of African economies.

This is due to expected strong growth rate by most African economies.

In 2022, Niger will become the fastest growing economy in Sub Saharan Africa with a growth rate of 6.9%, whilst Senegal will lead the league of African economies in 2023 with 9.2% in the economy.

Meanwhile, Sub-Saharan Africa is expected to grow at a rate of 3.8% in 2022 and subsequently 4% in 2023.

COUNTRYGDPRANKING
Niger6.9%1st
South Sudan6.5%2nd
DR Congo6.4%3rd
Rwanda6.4%3rd
Mauritius6.1%5th
Equatorial Guinea6.1%5th
Coted’lvoire6.0%7th
Benin5.9%8th
Kenya5.7%9th
The Gambia5.6%10th
Togo5.6%10th
Ghana5.2%12th
Cape Verde5.2%12th

Source: myjoyonline.com

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