Ghana's GDP growth for 2022 revised to 3.7%

2021 GDP growth rate was 5.4%, Ofori-Atta

Ghana's economy grew by 3.3% in the 1st quarter of 2022, Ofori-Atta

Ofori-Atta presents 2022 mid-year budget review

Finance Minister Ken Ofori-Atta has disclosed that Ghana's Gross Domestic Product (GDP) growth rate has been revised from 5.8 percent to 3.7 percent.

According to him, the revision in the country's GDP projection and other macroeconomic variables is necessitated by the current economic hardships in the world.

"In the light of significate changes in the global environment and our own unique challenges, we have revised our economic growth estimate for 2022 to 3.7 percent, down from 5.8 percent as stated in the 2022 budget."

He added that aside from the overall GDP growth rate, almost all the other macroeconomic variables have been revised downward with: "… non-oil GDP growth of 4.3 percent down from 4.9 percent; end-period inflation of 28.5 percent, up from 8 percent. The overall deficit of 6.6 percent of GDP, down from 7.4 percent; primary surplus of 0.4 percent of GDP, up from a surplus of 0.1 percent and a Gross International Reserve of not less than 3-months import cover,"

He further stated that the overall GDP growth rate for the first quarter of 2022 was 3.3 percent, with the non-oil GDP growth rate being 3.7 percent.

He also disclosed that the overall GDP growth rate for 2021 was 5.4 percent compared to 0.5 percent recorded in 2020, and non-oil GDP growth increased to 6.9 percent compared to the 1 percent recorded in 2020.

Read the Minister's full mid-year budget statement below:

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