According to the IMF, this will make the West African country the 12th fastest growing economy in the Sub Saharan Africa region in 2022.
The expected 5.2% expansion in the economy in 2022, will be slightly lower than the 5.4% GDP growth rate recorded in 2021.
The International Monetary Fund’s April 2022 Regional Economic Outlook Report, placed Ghana at a joint 12th position with Cape Verde in the league of Sub-Saharan African economies.
In West Africa, Ghana places 6th, once again with Cape Verde.
In 2021, the IMF projected a growth rate of 4.2% for Ghana, 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.
Meanwhile, the IMF’s forecast for 2023, indicates a growth rate of 5.1%, which will place Ghana in the 21st position in the league of African economies.
This is due to the 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 a 9.2 percent growth rate in the economy.