(bloomberg/Ana Monteiro & Ntando Thukwana, 18 April 2018)
East African economy has held position for most of past decade
Ghana GDP surged 8.5% in 2017 as Sankofa field started output
Ghana has lost its mantle as the African economy likely to grow the quickest this year to Ethiopia, which has held the position for most of the past decade, International Monetary Fund data showed. West Africa’s second-biggest economy should expand 6.3 percent this year, the IMF said in its World Economic Outlook released Tuesday. That’s lower than the 8.9 percent forecast in October, and is also less than the raised 7.4 percent estimate for Ivory Coast and the prediction for Ethiopia, which was held at 8.5 percent.
The IMF increased its forecast for expansion in sub-Saharan Africa to 3.4 percent this year and 3.7 percent the next “as the challenging outlook in commodity exporters gradually improves,” it said.
Forecasts from the World Bank and African Development Bank in January also showed Ghana would expand the fastest this year.
The World Bank reduced its forecast for economic growth in sub-Saharan Africa this year to 3.1 percent from 3.4 percent seen in October, it said in the Africa Pulse report released Wednesday.