Ghana is forecast to have a GDP growth rate of about 5% this year, according to President Akufo-Addo, following a year marred by the COVID-19 pandemic.
President Akufo-Addo said this growth rate would outperform forecasts during his State of the Nation address.
This is in line with the Finance Ministry’s forecast of 4.9 percent growth in 2020.
“This year, we expect GDP growth to recover strongly to nearly 5%, far above the IMF’s January 2021 estimate of 3.2 percent for Sub-Saharan Africa,” the President said.
In 2021 and 2022, the global economy is expected to expand by 5.5 percent and 4.2 percent, respectively.
President Akufo-Addo expects the economy to benefit even more now that the coronavirus vaccine is being rolled out.
“The government expects economic development to pick up even further following the ongoing vaccination campaign and the relaxation of limitations imposed to combat the disease’s effects.”
President Akufo-Addo added, “The medium outlook is bright, helped by the introduction of the Ghana CARES program.”
Ghana CARES, or the Ghana COVID-19 Alleviation and Revitalization of Enterprise Support project, is a three-year, GHS100 billion post-COVID program aimed at stabilizing, revitalizing, and transforming Ghana’s economy.
It has two phases: a stabilization period that runs from July to December 2020, and a medium-term revitalisation phase that runs from 2021 to 2023.
One of the advantages of Ghana Cares, according to President Akufo-Addo, is the establishment of the National Development Bank under the Ghana Cares scheme, which is intended to provide financial support to businesses in Ghana.
“Our people must be stable and not succumb to COVID-19,” he said, if we are to see the rebirth of our economy.
“The immunization program is still going on. The government is working hard to reach the goal of vaccinating 20 million people.”
President Akufo-Addo said, “We are sure that together, we will emerge from the COVID-19 pandemic with a stronger and more resilient economy.”
Source: The Daily Mail