Ghana Is 2018 World’S Fastest Growing Economy- World Bank

Ghana Is 2018 World’S Fastest Growing Economy- World Bank

Latest figures from the World Bank shows Ghana leading the pack of top ten growing economies worldwide with an impressive 8.3% growth rate.  

According to them, six of ten economies forecast to grow the most in 2018 by the World Bank are in Africa.

Ethiopia with India, Cote D’Ivoire, Djibouti and Cambodia following in the pegging order.

The World Bank forecasts growth of 3.2% for the year, up from 2.4% in 2017 and looking forward to a 3.5% growth by 2019 of 3.5%.    

Much of the successes chalked by Ghana were birthed out of prudent initiatives which included measures to stimulate the private sector, a monetary policy that will stabilise the currency and reduce significantly the cost of borrowing in addition to a raft of tax cuts carefully nursed to bring relief to and harness a buoyant business environment.

Ghana’s President Akufo-Addo has since assuming office barely a year ago, pressed all the right buttons towards economic recovery despite taken over an entirely ruined economy from his predecessor, John Mahama.  

The President has shown great prowess in restructuring the institutions of governance, modernising agriculture to enhance its productivity, rolling out a clear industrial policy, and rationalising the financial sector so that it supports growth in agriculture, manufacturing, industry and commerce.  

Ostensibly missing are three of the continent’s giants, Nigeria, Angola and South Africa.

The World Bank are however, But both the World Bank and Brookings warn that many of the region’s economies - regardless of size or growth rate—need to pay more attention to debt management in 2018.

However, the World Bank and the Brookings Foresight Africa 2018 Report regardless of size or growth rate, need to pay more attention to debt management in 2018.

This caution was also spoken of by IMF Chief Christine Lagarde during an interview with US based news outlet, Quartz Media, last month.