• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, March 31, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Extractive Activities to Support Ghana’s Economic Rebound in 2024- IMF

February 1, 2023
Stephen M.CbyStephen M.C
in Economy
0
Extractive Activities to Support Ghana’s Economic Rebound in 2024- IMF

The International Monetary Fund (IMF) has predicted that Ghana’s economy will see a rebound in 2024, supported by extractive activities in the country, despite a slow growth in 2023.

According to IMF’s prediction, the gross domestic product (GDP) for Ghana – the country’s total monetary value of goods and services produced for 2023 is projected at 2.8%, with an increase to 3.9% in 2024.

“On Ghana, we do expect growth to slow this year [2023] … But in 2024, we see a rebound in particular in the extractive activities and that is going to support Ghana in 2024.”

IMF

Daniel Leigh, a Division Chief, Research Department at the IMF, disclosed that the Extractive Industries Transparency Initiative (EITI) reporting data showed that the sector accounted for 14% of gross domestic product (GDP), 18% of revenue in 2018, and contributed two per cent to employment.

RelatedPosts

Policy Rate: Fitch Solutions Revises Benchmark Rate To 30.5% At End-2023

Bondholders’ Advisers Kick Off Debt Talks Under Non-Disclosure Agreements

Global Economy’s ‘Speed Limit’ Set To Fall To Three-Decade Low- World Bank

Ghana, which is the second largest gold producer in Africa and the ninth-largest diamond producer in the world, earned US$731.94 million in petroleum receipts in the first half of 2022.

However, the Washington-based lender from whom Ghana is currently seeking a US$3 billion loan-support programme for economic recovery and resilience, said the country would see a slow growth In 2023.

Why the Slow Growth

The IMF attributed the slow growth, partly to global headwinds, with other factors contributing to it being the Russian-Ukraine war, global energy crisis, and the tightening of global financial conditions.

The IMG is confident that the Fund support programme would help to restore macroeconomic stability, debt sustainability, and create the foundations for higher and inclusive growth over the medium-term.

Ghana has reached Staff Level Agreement with the IMF for a US$3 billion three-year arrangement under the Extended Credit Facility (ECF), with the hope of securing an Executive and Board Management approval by the end of March 2023.

Leigh noted that it’s a difficult time for the global economy that affects Ghana, and added that there were some domestic headwinds, particularly, inflation, which has increased significantly.

The rate of Ghana’s inflation touched a high of 54.1% in December, spurred by food inflation, with the Bank of Ghana (BoG) also increasing the Monetary Policy Rate (MPC) by a 100 basis points to 28% to drive inflation downwards.

Based on this, Leigh noted that the central bank is tightening monetary policy, but that is cooling the economy domestically. Plus, the fiscal policies are tightening to address the elevated debt. This, he said, is the cooling in 2023.

Ghana’s condition is not so different from Sub-Saharan Africa, which is also expected to have a difficult year,– much affected by the external forces that are shaping the global outlook.

Growth in the region is projected to be around 3.8% in 2023, which is a bit below the typical growth rates that the region experienced before the pandemic, but would increase to 4.1% in 2024.

Meanwhile, global growth is expected to slow from 3.4% in 2022, to 2.9% in 2023, then rebound to 3.1% in 2024.

“For advanced economies, the slowdown will be more pronounced, with a decline from 2.7% last year, to 1.2% this year. Nine out of ten advanced economies will see growth decelerate this year,” said recently by Pierre Olivier Gourinchas, Chief Economist and Director, Research Department, IMF.

READ ALSO: Sweden Should ‘Act Differently’ To Join NATO – Hungary’s Foreign Minister

Tags: economyExtractive industryghanaIMF

Related Posts

Policy Rate: Fitch Solutions Revises Benchmark Rate To 30.5% At End-2023
Economy

Policy Rate: Fitch Solutions Revises Benchmark Rate To 30.5% At End-2023

March 31, 2023
Bondholders’ Advisers Kick Off Debt Talks Under Non-Disclosure Agreements
Economy

Bondholders’ Advisers Kick Off Debt Talks Under Non-Disclosure Agreements

March 28, 2023
Global Economy’s ‘Speed Limit’ Set To Fall To Three-Decade Low- World Bank
Economy

Global Economy’s ‘Speed Limit’ Set To Fall To Three-Decade Low- World Bank

March 27, 2023
Bank of Ghana Goes Hawkish, Hikes Monetary Policy Rate By 150 Basis Points
Economy

Bank of Ghana Goes Hawkish, Hikes Monetary Policy Rate By 150 Basis Points

March 27, 2023
Ghana’s Int’l Reserves Boost Slightly To $2.62bn; BoP Remains Negative- BoG
Economy

Ghana’s Int’l Reserves Boost Slightly To $2.62bn; BoP Remains Negative- BoG

March 27, 2023
Finance Ministry Announces Payment of Coupons Covering 2 Year and 20 Year Notes
Economy

Finance Ministry Announces Payment of Coupons Covering 2 Year and 20 Year Notes

March 25, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

Spanish Prime Minister Heads To Morocco

Next Post

BoG Urges Fintech To Explore ‘Susu’ To Bring Forth Financial Stability

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
UNESCO Calls on All Governments to Implement Ethical Rules for Artificial Intelligence
Technology

UNESCO Calls on All Governments to Implement Ethical Rules for Artificial Intelligence

by Stephen M.CMarch 31, 2023
Pope Francis To Leave Hospital On Saturday
Europe

Pope Francis To Leave Hospital On Saturday

by Comfort AmpomaaMarch 31, 2023
Ablakwa Pans Minority In Parliament For Akufo-Addo’s Bloated Gov’t Size
General News

Ablakwa Pans Minority In Parliament For Akufo-Addo’s Bloated Gov’t Size

by Sam SamMarch 31, 2023
Redflags Elevated Against Free SHS Policy Unheeded By Gov’t– Angel Carbonu
General News

Redflags Elevated Against Free SHS Policy Unheeded By Gov’t– Angel Carbonu

by Sam SamMarch 31, 2023
Donald Trump Indicted, Becomes First Ex-U.S President To Face Criminal Charges
USA

Donald Trump Indicted, Becomes First Ex-U.S President To Face Criminal Charges

by Comfort AmpomaaMarch 31, 2023
Bank Of Ghana Cautions Public Against Design And Patronage Of Currency Bouquet
General News

Bank Of Ghana Cautions Public Against Design And Patronage Of Currency Bouquet

by Angeller AshongMarch 31, 2023
UNESCO Calls on All Governments to Implement Ethical Rules for Artificial Intelligence
Pope Francis To Leave Hospital On Saturday
Ablakwa Pans Minority In Parliament For Akufo-Addo’s Bloated Gov’t Size
Redflags Elevated Against Free SHS Policy Unheeded By Gov’t– Angel Carbonu
Donald Trump Indicted, Becomes First Ex-U.S President To Face Criminal Charges
Bank Of Ghana Cautions Public Against Design And Patronage Of Currency Bouquet
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In