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CODVID 19: Ghana’s growth rate to decline by 0.3% to 6.2%-Fitch

The real growth rate in Ghana will reduce by 0.3% to 6.2% in 2020.

This is against the previous 6.5% forecast for this year. However, 6.2% is still good for the country.

According to the rating agency, Fitch, “We, therefore, expect real Gross Domestic Product to expand by 6.2% in 2020, down from 6.5% previously.

It explained that given a slowdown in hydrocarbons production growth, it expects headline real GDP growth of Ghana to decelerate slightly, which has been a key driver of headline expansion since 2016.

Oil accounts for around one-third of Ghana’s goods exports and is thus a key generator of foreign capital

The World Bank is projecting economic growth of 6.8% for Ghana in 2020, according to its January 2020 Global Economic prospects Report.

This is against the 7.5% forecast by the International Monetary Fund for this year.

Story by Naa Anyema Collison

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