Ghana’s economic growth slows to 1-year low
1 min Read September 21, 2023 at 11:17 AM UTC
- Ghana’s economy expanded at the slowest pace in almost a year in the second quarter as fiscal tightening and high inflation crimped output.
- Gross domestic product grew 3.2% in the three months through June from a year earlier, compared with a downwardly revised expansion of 3.3% in the previous quarter, per official figures.
- Growth in the quarter was driven by the mining, agriculture, health, transport, and information technology sectors.
Ghana, known for its gold, oil, and cocoa production, is currently facing its most severe economic crisis in decades, primarily caused by a soaring level of public debt. In May, it finalized a three-year, $3 billion loan agreement with the International Monetary Fund. The government has projected that economic growth will decelerate to 1.5% this year, down from the 3.1% recorded in 2022. Additionally, the growth rate for the first quarter has been adjusted downwards to 3.3%, revising the previous estimate of 4.2%.
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