Ghana To Be The Fastest Growing Economy In 2020, Anything Changed?

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With comprehensive facts and data from International Monetary Fund, IMF, Ghana was predicted to be the world’s most fastest growing economy in 2020.

According to IMF, under a stable democracy, government initiatives to formalise the economy and introduce a more favourable taxation structure are starting to bear fruit.

Its once floundering manufacturing industry is also being helped through policies aimed at diversifying the economy and preventing an over-reliance on the commodity markets.

Not only did IMF base their arguments on the economy restructure but added the nation’s commodities and natural resources income. As it’s widely noted that Ghana is one of the most leading producers of cocoa and Gold, no prediction of blooming economy will exempt that.

“Long known as one of the world’s largest cocoa producers, Ghana’s growth is now being buoyed by a different commodity: oil. Expanding crude production and rising prices have placed Ghana’s economy at the top of the GDP growth tables. The International Monetary Fund estimates GDP will rise 8.8% this year – double the pace of emerging economies as a whole, and well ahead of world growth.”- IMF reveals

However, into a month of the deadly pandemic, Ghana resorts to world bank loans, donor supports and grants.

“Although some countries are heavily affected economically than others and Ghana happens to be one of the least affected so will Ghana still be the world’s fastest growing economy?” – Nana Gyasi asks.

By: Radio1News|Ghana|Obido Nana Gyasi