Ghana revises GDP target to 3.7 pct-Xinhua

Ghana revises GDP target to 3.7 pct

Source: Xinhua| 2022-07-26 10:15:45|Editor: huaxia

ACCRA, July 25 (Xinhua) -- The Ghanaian government revised its economic growth target to 3.7 percent from 5.8 percent to better reflect unfavourable economic realities.

Ken Ofori-Atta, the Minister of Finance, announced the revision during the presentation of the mid-year budget review in parliament, saying it is necessary to revise the targets as the country's macroeconomic environment has significantly changed over the first six months of 2022.

Ernest Addison, governor of Bank of Ghana, indicated during the Monetary Policy Committee press briefing Monday that domestic growth has been following the slowdown in the global growth trajectory.

"High inflation, supply bottlenecks, and exchange rate uncertainties act as a drag on economic activity. The softening of business and consumer confidence since the last quarter of 2021 and the measured composite index of economic activities provide evidence of this slowdown," said Addison.

The International Monetary Fund staff team, which held discussions with Ghanaian officials in early July, estimated Ghana's growth will drop to 3.7-4.5 percent this year.