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IMF predicts a higher economic growth rate percentage than the Ghanaian government

The International Monetary Fund (IMF) has projected that the Ghanaian economy will grow by 8.8 per cent by the end of 2019.

Chief Economist at the IMF, Gita Gopinath launched the report in Washington DC

This was contained in its World Economic Outlook report released in Washington D.C, Tuesday (April 9, 2019).

The report put together by the research department of the IMF looks at the global economy, opportunities, threats as well as reviewing the economics 189 members of the Fund. It is based on historical data and projection based on information picked up by IMF country desk offices in the contest of their mission to the member countries. 

This current projection can be said to be one of the highest forecasts by the IMF for the country, since 2011. In that year the Fund projected about 17 per cent growth rate for Ghana. In 2012 the IMF also projected a 9 per cent growth rate for Ghana.

According to the Fund, Ghana economy would be largely influenced by pick up in commodity prices, oil as well as some policy, response measures that government is expected to implement this year.

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Comparing the IMF World Outlook Report to the projections of the Ghanaian government, the IMF seems to be more optimistic about the growth of the economy than the government itself.

The government in the 2019 budget projected an overall growth of 7 per cent.

The IMF is the second, international institution to show such optimism in the Ghanaian economy.

The World Bank earlier predicted that Ghana’s economy will expand more than what the government has projected.

However, some experts have suggested that the government is only moderate with such macro-economic indicators, rather than being too optimistic.

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