a:5:{s:8:"template";s:8969:" {{ keyword }} ";s:4:"text";s:16630:"Ghanaâs annual growth in gross domestic product (GDP) was steady, averaging between 4 and 5% in the 1990s, ultimately reaching a stable rate of nearly 8% after 2006. “Ghana’s GDP in 2020 is projected to be somewhere around $59 billion. Over the medium term, real GDP is expected to record an average growth of 6.3 percent, with projected rates of 6.6 percent in 2020, 5.2 percent in 2021, 6.6 percent in 2022, and 6.9 percent in 2023. References Economic growth is measured by the growth in GDP which is the percentage change in the value of all of the goods and services produced in a nation during a specific period of time, as compared to an earlier period. The description is composed by our digital data assistant. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Ghanaâs economy continued to expand in 2019 as the first quarter gross domestic product (GDP) growth was estimated at 6.7%, compared with 5.4% in the same period of last year. Twenty-six economies will experience a positive growth rate in 2020. This is to eliminate the impact of rising prices on the GDP to ensure accurate measurement. The World Bankâs latest economic growth outlook report for 2020 is projecting a 6.8 per cent growth rate for Ghana by the end of this year.. UK based ratings agency, Fitch has revised Ghanaâs economic growth rate for this year from over 6% to 2% in 2020. Ghana gdp for 2018 was $65.56B, a 11.12% increase from 2017. The months after the release of the June 2020 World Economic Outlook (WEO) Update have offered a glimpse of how difficult rekindling economic activity will be while the pandemic surges. Overall real GDP is expected to grow by 7.1 percent in 2019, with the non-oil GDP expected to grow by 6.0 percent. <> Unemployment is forecast to continue to surge above the 7.2% mark by the end of the election year 2020 according to World Bank report. 1 0 obj The central bank last month downgraded its growth forecast for 2020 to between 2% and 2.5% from an earlier expectation of 6.8% due to the impact of the pandemic. In sub-Saharan Africa, growth is expected to strengthen to 3.5 percent in 2020â21 (from 3.3 percent in 2019). According to data from the World Bank which is corroborated by data from the annual budget statements delivered by the Finance Ministers in parliament, below is a comparison of monetary value of the GDP and GDP growth rates recorded under the tenure of the Mahama-led NDC government and the incumbent Akufo-led NPP. 25 %. 3 0 obj Submitted on: 05 Aug, 2020. While GDP is measured in monetary value (eg. World Economics makes available of worldâs most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. 2000 - 2020. On February 20, at the State of the Nation Address (SONA), President Akufo-Addo, basing on the growth of the gross domestic product (GDP), said Ghana’s economy is among the fastest-growing in the world. Expansion of Ghanaâs nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half Ghanaâs oil revenue. The World Bank report is projecting economic growth of 6.8% for Ghana in 2020. The former President and Flagbearer of the NDC, John Dramani Mahama, has also touted the superior capabilities of his party in handling the economy referring to the rate of economic growth recorded during his tenure, 2013-2016. 2 0 obj �-`��2M��E8{])��\S��OMY��*P"�d�w@Bd'�W��JG��M[ ɛ��}�U�I�B�G�jH��l�٩��3�`��,��`4�G�cv�"+Xʁ�9�mH� i f�0��I+�O��r�֎[� J�c��y��\�(�`�sC��S��p0?qH��g�rS��lY�e�C�Ę��gRUK�";� 1G|4�� h�WJ�=w`B��J �T��[F�n�d��}PF鲠�*�I��/��LM9LX�[��]-W��f�EQ Projected population by age and sex, 260 districts 2020; Survey to track impacts of COVID-19 on households and jobs in Ghana; Mobility analysis First Report; 2020 Population and Housing Census Recruitment Notice; Consumer Price Index and Inflation, New series; Potential reasons behind 2019 Q2 GDP growth; DISCLAIMER 2020 â¦ But what are the key facts on Ghana’s records on economic growth, comparing the tenures of the Mahama-led government and the incumbent Akufo-Addo-led government? Ghana from The World Bank: Data. 0.9 (%) in 2020 In 2020, real GDP growth for Ghana was 0.9 %. endobj I!ArB96@V?~ &��ꚪ�YA�6.ɣ�Ջz��ym�K|��g*^�tU��RSMc Despite the GDP growth falling in the subsequent years, its fall is less, relative to the Mahama-led government. World Bank captured this in its January 2020 Global Economic prospects Report. �)Q�>}Z,QS�2a��O��@Q��q�AO��1#�0�+��j��^��|��N�%�:\�UH�f�|�߬�ɑ"�� F:\�~��a��|�v�R�n�.�:83Z. The International Monetary Fund estimates GDP will rise 8.8% this year â double the pace of emerging economies as a whole, and well ahead of world growth. During May and June, as many economies tentatively reopened from the Great Lockdown, the global economy started to climb from â¦ Consumer prices rose a seasonally-adjusted 0.93% from the previous month in January, picking up slightly from the 0.90% increase logged in December 2020. Give Feedback, ©Fact-check Ghana. The monetary value of GDP is quoted in nominal or current prices. Further, under the Mahama-led NDC government, Ghana recorded an accumulated GDP growth of 15.836 which translates into an average of 3.959% growth every year. Knowing its significance, the presidential candidates and party communicators of both the NPP and NDC on several platforms have attempted to project their records in terms of economic growth ahead of each other. IMF, P.O. Fitch, a rating agency, based in the United Kingdom, has pegged Ghanaâs economic growth rate for 2020 to 2% in 2020 from over 6%.. endobj Globally, economic growth which measures the monetary value of all goods and services produced within a country in a specific period, is a major distinguishing indicator of a thriving or a failing economy. 4qk48�q��Erđ6^��H��Ǚ�\I�=9�4_��~z��GL��4^2�l�\+�Ƀb׋Ã�~ǖ�O_�^�;�� This is contrary to the GDP projection of the Government of Ghana, which has been revised from 6.8% in the 2020 budget to 1.5% at worse-case scenario for this year due to the â¦ 6.36 %. The GDP growth rate projected for 2020, 0.9%, is the lowest, which many attribute to the negative impact of the COVID-19 pandemic on Ghanaâs economy. A project of the Media Foundation for West Africa, Ministerial Vetting: Claims About Unemployment Rate, Banking Sector Job Losses False, January Roundup: New COVID-19 Variant Emerges, Misinformation on Vaccines Debunked. Ghana Economic News. The World Bankâs latest economic growth outlook report for the â¦ Published by H. Plecher, Dec 2, 2020 The statistic shows the growth in real GDP in Ghana from 2015 to 2018, with projections up until 2025. Does Wearing More Than One Mask at a Time Make You Safer. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Ghana to post modest economic recovery in 2021 After a recession in 2020, Ghana's economy will recover in 2021, although reduced fiscal spending will temper growthâ¦ It forecasts a GDP growth rate of 2.5% for Nigeria. In the same period of 2019, the growth was 6.7%. Jun 2020. The statistic shows gross domestic product (GDP) in Ghana from 1985 to 2018, with projections up until 2025. Based on Ghana’s GDP growth recorded in 2017 and 2018, the International Monetary Fund (IMF) in its 2019 World Economic Outlook Report placed Ghana among the fastest-growing economies in the world. Guyana is followed by South Sudan (4.11%), Bangladesh (3.80%), and Egypt (3.55%). ?�A� �Kҋ�a��66-�N��H[*[�tcѵ�cs҄��!�&��6�i��$5�I�w��'�� ?�]�M2CR��=?rߜ��=�%o��Q�� w��=op��X��ÓO��-��Տ\��$Sv��Nn�6v#FI��+czki��MQ��*l�dm@s��&MQ��1m�,��˖2E)rQ�V��5��(گ�?�P�?�毳�8c Recent Developments. Ghana gdp growth rate for 2018 was 6.26%, a 1.88% decline from â¦ Read more. Data sourced from the Wordl Bank and Ghana’s Ministryof Finance. Ghana: Improvement in operating conditions strengthens at â¦ ��ES��p-G1��)i��k��_b��@�ݰZW_j_]��/��b��U-E{��1~��,�"��SV>��Ó�0"�k��k �9�T��Rl#�UQZ��Z-��s��_z�^s�C~�ցۆ:-�I�3�G�;�q!ONp�Qc�)Q��p~��K?t�û�d޲��,#�h��S��n�t�ؾd��$��p�Y�ަ��NY L, ʝ?�}�>?} At the launch of the NDC’s campaign for the 2o2o elections in Sefwi Wiawso in the Western North region on October 7, the former president berated the incumbent for adding less value to GDP growth of the country. The country could not attain that growth again under the former President’s tenure, with the subsequent years falling drastically. endobj Non-oil growth was also strong at 6.0%. Only these four countries have a gdp growth rate above 3%. Below are the facts. From table 1 above, under the Mahama-led NDC government (2013-2016), Ghana recorded its highest GDP growth, 7.313%, in the first year of government’s administration, 2013. Recent Economic Developments and Outlook. %�� The International Monetary Fund is forecasting a Gross Domestic Product growth rate of 0.9% for Ghana this year, according to its October 2020 World Economic Outlook Report. Ghana Statistical Service. A line graph indicating Ghana’s GDP growth rate from 2013 to 2020. %PDF-1.7 This is against the 7.5% forecast by the International Monetary Fund for the year. Ghana gdp for 2019 was $66.98B, a 2.18% increase from 2018. x��][o�~7��ݶbx�( <>/Metadata 1048 0 R/ViewerPreferences 1049 0 R>> World Bank national accounts data, and OECD National Accounts data files. GDP Annual Growth Rate in Ghana averaged 6.36 percent from 2000 until 2020, reaching an all time high of 25 percent in the first quarter of 2012 and a record low of According to the Ghana Statistical Service, the institution that computes Ghana’s GDP, real GPD growth is currently computed with 2013 as the base year. The GDP growth rate projected for 2020, 0.9%, is the lowest, which many attribute to the negative impact of the COVID-19 pandemic on Ghana’s economy. Mar 2012. stream The GDP growth rate is expected to fall below the 5% and 6% ideal range for the next two years. This means that the current NPP government-managed an economic growth of only $4 billion in four years. Ghanaâs rapid growth accelerated poverty reduction, cutting the poverty rate from 52.6% to 21.4% between 1991 and2012. The data may put the central bankâs projection of 2% to 2.5% growth this year at risk. The argument of who are better managers of the economy, between the governing New Patriotic Party (NPP) and leading opposition National Democratic Congress (NDC), is central to the campaign messages of the two main political parties in the lead up to the December elections. The economy grew 6.5% in 2019. Gold, oil, and cocoa exports, and individual remittances, are major sources of foreign exchange. While the latest forecasts do not predict contraction for Ghana this year, the country's forecasted real GDP growth in 2020 was revised down substantially from a projection of 5.8% to just 1.5% in the International Monetary Fundâs latest World Economic Outlook. Ghana GDP Contracts For a Second Quarter as Industry Stalls By . The President reiterated this claim when he visited the Federal Assembly of the Swiss Confederation in Bern, Switzerland, a week later, as part of a two-day State visit. Fact-check Ghana has also published reports on claims on economic growth made by key personalities in both the NPP and NDC, including Felix Ofosu Kwakye, the former deputy information minister of the erstwhile NDC government, and Gabby Otchere Darko, a leading member of the NPP. Ghana GDP (Gross Domestic Product) was INT$132.03billion for 2019 in PPP terms. Box 3100, Accra Main First Floor, Anysia Building No.17 Ringway Estates, Accra. PABX: 233-302666031/233- 302683172/173/174/175 �"v L�Th9��6>�am��3�3K�^��Mo�:�K�k�6�s4�qPg+�E��1z%Ʋe{��[2�c�GS:� ��JU��b�Y�f��(��vVy��W3�>�jT�K��~ĢGԖw�f>��Uw+Ա�$��WbcX��RM�VHn�qMk`�pa)r��C=��h��Z�!��|(k\��4"c��w��1g�v:·4�w�a� w9X�U��o�e�xm��6��[��Ү{��Z֗�Y��c�r�O�;.��J,��k��4:)@��R�q�Kz��T�kj��l�j This indicates that the GDP of Ghana has grown higher under the incumbent NPP government than the NDC. We-Fi WeTour Women in Tourism Enterprise Survey 2019. -3.2 %. Quarterly real GDP growth, Ghana: January to March 2020 Provisional real quarterly gross domestic product growth rate (QGDP) including Oil and Gas, by the production approach is 4.9% (year on year) in the first quarter of 2020. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Under the incumbent Akufo-Addo NPP government (2017-2020) (see table 2), Ghana attained its highest GDP growth in 2017, 8.143%, which was also the government’s first year. This is the difference between us and them: we delivered $14 billion growth in four years, while they delivered only $4 billion growth in four years.”. While you're here, kindly tell us how we can improve on our reports. Resident Representative for Ghana Albert Touna Mama Resident Representative . Graph generated by Fact-check Ghana. Ghs 51 billion), growth of GDP year-on-year is expressed in percentages. With a projected gdp growth rate of 26.21% in 2020, Guyana is the fastest growing economy in the world. 4 0 obj We love feedback. y�$��^3ɒ�V��ӌ,��+��ֿ�o��~�m1,P��!�L[?��s�~2��df+P��p��h�)s2-�} ��B&��״�;�P��7O!U��SH - World Economics Ghana: Inflation drops in January. Office Information. Further, under the Mahama-led NDC government, Ghana recorded an accumulated GDP growth of 15.836 which translates into an average of 3.959% growth â¦ GDP growth (real) Inflation rate (in Percent) Government debt (in % of GDP) 1980 9.8 974 0.4 % 50.0 % n/a 1981 ... With the economic program "Ghana: Vision 2020", ... Tackling these issues will be necessary if Ghana's rapid economic growth is to be maintained. Annual GDP Growth (%) Ghana. n�k4�p�#�t|��~�ǽ�3W��j[}�ꙩ��@ Production at Jubilee, Ghana's first commercial offshore â¦ Services is the largest sector of the Ghanaian economy, accounting for 52 percent of the GDP. Though Ghana real GDP growth fluctuated substantially in recent years, it tended to decrease through 2001 - 2020 period ending at 0.9 % in 2020. <> GDP growth (annual %) - Ghana. “Our economic growth has rebounded to place Ghana among the fastest growing economies in the world for three years in a row at an annual average of 7%, up from 3.4% in 2016, the lowest in nearly three decades,” Akufo-Addo said. Image: IMF While Ghana's prosperity is closely tied to the oil markets, it remains one of the largest exporters of gold in the world, and cocoa is also still a â¦ The incumbent Akufo-led government has recorded an accumulated growth of 21.784% which translates into an average of 5.446%. “According to the facts, during my first term as President, we had an economic growth of almost $14 billion,” John Mahama said. February 10, 2021. ";s:7:"keyword";s:26:"ghana gdp growth rate 2020";s:5:"links";s:680:"Electrical Hazards Pdf, Can Rabbits Learn Tricks, Uss Marvin Shields Great Lakes, What Does Snooker Mean In The Outsiders, Who Is Dolphus Raymond, 2008 Gmc Sierra Parts Diagram, ";s:7:"expired";i:-1;}