Despite Ghana’s projected growth, it lags behind other Sub-Saharan nations such as Nigeria and Ivory Coast, which have growth rates of 3.2% and 6.6%, respectively. Ghana faces economic challenges including high debt, inflation, and currency instability. To address these issues, the IMF has proposed initiatives like a contentious domestic debt exchange program. This program, however, has sparked public concerns due to its potential impact on the nation’s economy.
Despite these difficulties, key figures such as Dr. Ernest Addison and Finance Minister Ken Ofori-Atta remain confident in the government’s ongoing reforms and fiscal policies. These are aimed at restoring investor confidence and achieving sustainable growth in the country.
Turning to the UAE, the IMF and World Bank also anticipate a reduction in the country’s current account balance from representing about 8.2% of GDP in 2023 to approximately 7.7% in 2024.
The economies across the Middle East and Central Asia are expected to grow by 2% in 2023 and 3.4% in 2024. Saudi Arabia’s economy is projected to stand out with a growth rate of 4% within this period. The growth rates for oil exporting and importing nations are also predicted to rise, hitting 2.2% and 1.8%, respectively, in 2023.
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Source: Economy - investing.com
