Home News Ghana’s Economy to grow strongly at 4.8% in 2021- Fitch solutions.

Ghana’s Economy to grow strongly at 4.8% in 2021- Fitch solutions.

Ghana’s economy will experience a buoyant growth this year with an expected growth rate of 4.8% as services and industry recover sharply, according to Fitch Solutions, research arm of rating agency, Fitch.

The growth rate is almost in line with Moody’s 4.0% projection but in sharp contrast to World Bank’s 1.4%.

It will also be higher than the ECOWAS sub regional growth of 3.6% and Sub-Saharan Africa growth of 3.3%.

In its latest Sub Saharan Outlook Report, Senior Country Risk Analyst in the Sub-Saharan Africa team at Fitch Solutions, William Atwell, said a boost in demand for goods and services as well as consumer spending will drive the nation’s Gross Domestic Product (GDP), that is total value of goods and services produced within a period, this year.

In its latest Sub Saharan Outlook Report, Senior Country Risk Analyst in the Sub-Saharan Africa team at Fitch Solutions, William Atwell, said a boost in demand for goods and services as well as consumer spending will drive the nation’s Gross Domestic Product (GDP), that is total value of goods and services produced within a period, this year.

“Looking ahead to this year we are expecting pretty strong consumer and business spending”, he added.

East & Central Africa and West Africa will be SSA’s main growth drivers, expanding by 3.9% and 3.6%, respectively, versus respective contractions of 1.1% and 2.1% in 2020, with notable outperformance in key markets such as Kenya (growth of 4.4%), Côte d’Ivoire (6.6%) and Ghana (4.8%).

Economy contracted in Quarter 3.

Ghana’s economy entered into recession in the third (-1.1%) of 2020.

The Agriculture sector however recorded the highest growth of 8.3%, whilst Industry and Services sectors contracted by 5.1% and 1.1% respectively.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles