World Bank cuts Ghana’s growth rate to 3.5% in 2022
Growth in Ghana is expected to slow in 2022 to 3.5%, far below the country’s average pre-pandemic performance of 7%, the World Bank has pointed out in its October 2022 Africa Pulse Report.
According to the Bretton Wood institution, the Ghanaian economy has been struggling with various setbacks, including rising public debt (104.6% of Gross Domestic Product), elevated inflation (33.9% in August 2022), and a depreciating currency.
“In Ghana, the S&P Global Purchasing Managers Index (PMI) dropped from 48.8 in July to 45.9 in August 2022—the lowest reading in 28 months. The subdued level of the PMI reflects private sector weakness—with activity being held back for seven straight months.”
“New orders and output have been trending down for many months. Rising input costs, on the bac...
