- Ghana’s economic system grew by 4.8%% in Q2 of 2022
- The financial progress comes amidst an financial crises
- The nation is doing what it could actually to mitigate its financial woes
Amidst rising inflation and rates of interest, the Ghanaian economic system appears to be thriving.
In a latest report by the Ghana Statistical Companies, it was revealed that Ghana’s economic system grew by 4.8% within the second quarter of 2022. An upward development from the three.4% recorded within the first quarter of 2022.
The preliminary progress projection by the Ghanaian finance ministry was 5.7%, however following some financial points, the ministry was pressured to decrease its expectations to three.7%. This adjustment was outdated as the ultimate figures revealed that the financial progress was nearer to five.7% than it was to three.7%.
This welcomed progress to the economic system was pushed by quite a few sectors contributing some quota to the general economic system. These industries embody Manufacturing (8.8%), crops and cocoa (4.5%), mining and quarrying (4.4%), data and communication (12.4%) in addition to the training sub-sectors (13.2%).
Regardless of these figures, it’s fascinating to notice that there was a decline within the progress of the agricultural sector from 5.1% to 4.6%, and a rise within the companies sector from 5.2% from 5.6%.
However maybe essentially the most fascinating a part of Ghana’s general financial progress is the truth that the nation is presently experiencing its worst inflation in 21 years. Final month, the nation’s inflation shot as much as 39.9% for the primary time in twenty years.
In July, the nation’s inflation charge stood at 31.7%, a consequence, this growth was anticipated to affect rates of interest and the speed at which the federal government borrows internally by the difficulty of treasury payments (T-bills).
Inflation for imported objects overshadowed inflation for domestically produced objects, significantly within the agricultural sector. Housing, transportation, meals, gasoline, sports activities, water, and meals, had been a few of the inflation’s key drivers.
Even the Ghanaian Cedi was reported to have dropped by an alarming 64.45% in opposition to the US greenback because the 12 months started. This led the Ghanaian authorities to request a $3 billion financial help program from the Worldwide Financial Fund in July.
Regardless of its latest financial woes, the report by the Ghanaian finance ministry reveals that Ghana could be very adept at managing its financial crises in addition to it manages its assets.
Ghana is the second largest economic system in West Africa, second solely to the behemoth economic system of Nigeria, Africa’s largest economic system.