Ghana is tipped to lead Africa as the fastest growing economy in 2018 with a growth rate of eight per cent as a result of increased oil and gas production, which boosts exports and domestic electricity production.
In its latest report dubbed: “Global Economic Prospects: Sub-Saharan Africa,” the World Bank has forecasted that growth in Sub-Saharan Africa will pick up at 3.2 percent in 2018, and Ghana will lead the economies in Africa with eight per cent followed by Ethiopia and Tanzania, which is expected to grow at 7.2%
Ghana’s economic growth, which had slowed from 4.0% in 2014 to 3.7% in 2015, recover to 5.8% in 2016 and 8.7% in 2017, following consolidation of macroeconomic stability and implementation of measures to resolve the crippling power crisis. However the forecasted recovery in economic growth in 2018 will depends on fiscal consolidation measures remaining on track, quick resolution of the power crisis, two new oil wells coming on-stream, and improved cocoa harvest and gold production.
“Growth in non-resource intensive countries is anticipated to remain solid, supported by infrastructure investment, resilient services sectors, and the recovery of agricultural production,” the report stated.