Ghana has always taken pride in being the number one Sub-Haran spot but this all changed after the IMF revised the forecast of the 2018 economic growth. In the previous year the country had the GDP surge to 8.5%.
In the recent data revealed by the International Monetary Fund, Ghana seems to have lost its economic supremacy in Africa to Ethiopia which has shown the fastest economic growth of the year 2018.
Ghana today news reveals that according to the report, Ghana took second place with the fastest growing economy in Africa with an expected increase in 6.3 % gain this year. The report states that the current economic growth rate of the country seems to be lower than the 8.9% forecast in October which is also less than the raised 7.4% estimate for Cote d’Ivore.
The leading fastest economy-growing country, Ethiopia, leads with 8.5%. The surge in the GDP of the $ 43 billion economy was mainly driven by the commodities with oil, gold and coca making the cut according to latest news on the .
Ever since Ghana struck gold in the mining of oil, the country has witnessed the upsurge in the economy of the country since 2010. Ethiopia on the other hand, who has a double GDP compared to Ghana, drew several investors including the General Electric Co., Johannesburg-based Standard Bank Group and hundreds of other Chinese companies.
Ghana today news notes that the IMF heightened its forecast for the growth in Sub-Saharan Africa to 3.4% this year with an increase of 3.7% in the next to what has been termed as the challenging outlook for the commodity exporters as it gradually improves.
This in reflection of Nigeria, which is one of the most densely populated nations and one of the biggest producers of crude oil, is estimated to grow to a staggering 2.1%, which matches the predictions released in January 22 by the world lender. South Africa which happens to be the world’s biggest source of platinum will have an expansion to 1.5%. It’s more than the earlier prediction of 0.9% made three months ago. When the two nation’s economies are combined, they make up almost half the GDP in the region.