The World Bank has projected a 6.7 percent economic growth for Ghana in 2019, as it projects oil production to dissipate.
“Growth in Ghana is forecast to moderate from 6.9 percent in 2018 to 6.7 percent in 2019 as the effects of high oil production dissipate,” the World Bank said in its latest report this week.
In 2017 the country’s economy grew by 8.5 percent as against a 6.3 percent target, largely anchored on an increase in oil production volumes.
In monetary terms, the country’s economy (including oil), when adjusted to inflation, grew by some GHC56.3 billion compared to quarter four of 2016 when it grew by GHC 47.3billion.
A new report by the Public Interest Accountability Committee (PIAC) has shown that total petroleum receipts since the beginning of commercial oil production up to 2017 has hit $4 billion, accrued from the sale of more than 253 million barrels of crude oil.
In 2016, Ghana recorded its lowest revenue from oil production as only US$247million was realised, compared to the highest ever recorded in 2014 at US$978 million. Price fluctuations on the global crude oil market largely caused the poor oil revenue income in 2016.
The World Bank has also predicted that Africa’s economy will grow by an average 3.1 percent in 2018, owing to stability in oil and metal prices, and expansion in global trade among others.