Ghana' Economy EIU: Ghana's economy to grow at 7%

The United Kingdom-based research body made this known in its latest review of economies on the African continent

  • Published:
play EIU: Ghana's economy to grow at 7%
24/7 Live - Subscribe to the Pulse Newsletter!

The Ghanaian economy is expected to grow at seven percent in 2017 fuelled by improved electricity supply and oil and gas boost, the Economic and Intelligence Unit (EIU) has said.

The United Kingdom-based research body made this known in its latest review of economies on the African continent.

READ MORE: Ghana will be fastest growing African economy in 2017

It said: "While Nigeria and South Africa – by far the two biggest economies – will continue to keep the average GDP growth down to a moderate 2.6 percent; there are a number of stars.

"Economies such as Cote d’Ivoire, Tanzania, Kenya and Rwanda all feature in our predicted list of the 20 fastest growing economies in 2017.

"Another in that list is Ghana, which should grow by 7 percent in 2017 due to rising oil and gas production and a boost to the industrial sector from increasing electricity generation.”

EIU's growth projection of seven percent corroborates the IMF and the World Bank's projections of the Ghanaian economy.

The two institutions had predicted that Ghana's economy will grow at 8 percent in 2017 from 3.4 percent in 2016.

In addition, the EIU said the incoming administration of the New Patriotic Party led by Nana Akufo Addo will face challenges in implementing its one-district-one-factory policy.

It said: “A tight fiscal picture will restrain some of his more grandiose ambitions such as building hundreds of new factories.

READ MORE: Nana Addo’s government must renegotiate IMF deal - Economist

"Meanwhile, new oil and gas output will support gradually improving economic prospects in the coming year and beyond.”

However, the EIU also noted that businesses are eyeing early moves to ease taxes as promised in the NPP manifesto.

“Other policy priorities will be the NPP’s much-heralded industrialisation agenda. It is ambitious and the NPP has been emphasising the role the private sector will play. Therefore businesses will be eyeing early moves to ease taxes and regulations, and the IMF will be looking at least for a continuation, or even a tightening of fiscal discipline," the EIU said.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Defamation Suit Ibrahim Mahama sues Owusu Bempah, UTV for GHc2m over...bullet
2 World Water Day Ghana to soon import waterbullet
3 Banking Sector UniBank takeover was ‘politically motivated’ – UCC...bullet
4 Taxes In Ghana VAT on condoms and 63 other commodities removedbullet
5 Ponzi Scheme Thousands of Ghanaians lose millions to Savana...bullet
6 uniBank Takeover Meet all the Unibank Executives who will lose...bullet
7 Banking In Ghana 705,000 depositors to lose GHC740m – BoG...bullet
8 Importing Frozen Chicken Government ‘bans’ importation of...bullet
9 Public Service Gov’t to check working hours of public...bullet
10 uniBank Take Over Here are the reasons why BoG took...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
3 Money Alert Meet Africa's richest womanbullet
4 Plane Crash Starbow suspends operations following plane crashbullet
5 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
6 Support Finance minister buys Kantanka carbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 New Phones Nokia MWC 2018 Event in 5 minutesbullet
9 Entrepreneurship How To Get Ready To Get Started |...bullet
10 Tech 6 reasons you should buy an iPhone SE instead of...bullet