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Tag: Africa Pulse report

World Bank cuts Ghana’s growth rate to 3.5% in 2022

World Bank cuts Ghana’s growth rate to 3.5% in 2022

Ghana News, International
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 ba...
World Bank classifies Ghana as high debt distressed country; debt to GDP to hit 104%

World Bank classifies Ghana as high debt distressed country; debt to GDP to hit 104%

Africa News, Ghana News, International
The World Bank has classified Ghana as a high debt distress country as it projects the nation’s debt to Gross Domestic Product (GDP) of 104.6% by the end of 2022. According to its October 2022 Africa Pulse Report, debt is expected to jump significantly, from 76.6% a year earlier, amid a widened government deficit, massive weakening of the cedi, and rising debt service costs. It is also forecasting debt to GDP of 99.7% and 101.8% of GDP in 2023 and 2024, respectively. The size of Ghana’s economy is estimated at about $72 billion, whilst it is expected to spend about 70% of revenue this year to service its debt. The report is coming at a time the Bank and the International Monetary Fund (IMF) are conducting a Debt Sustainability Analysis on the country. A country which is highly de...

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