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World Bank Ghana's economy getting back on track- World Bank

Ghana’s economy has been experiencing hampered growth since 2012 owing largely to a protracted energy crisis.

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World Bank Group

The World Bank has projected that Ghana’s economy will see a growth of 4.5% for 2017-2018.

The Britton Woods institution attributes this to rekindled investor confidence in the country’s economy.

Ghana’s economy has been experiencing hampered growth since 2012 owing largely to a protracted energy crisis.

READ MORE: World Bank Ghana increase shares in World Bank

However, relative stability in energy supply and the discovery of new oil fields appear to be rekindling investor confidence in the economy.

The World Bank’s forecast was contained in the World Bank’s bi-annual analysis of economic trends for the African region named Pulse Africa.

Addressing the media, the acting Chief Economist of the World Bank Africa and author of the report, Ms Punam Chuhan-Pole, said the rapid decline in oil and commodity prices had adversely affected resource-rich countries and that signalled an urgent need for economic diversification in Ghana and for that matter Africa.

She, therefore, advised the diversification of the sources of growth, since the drop in commodity prices would not improve anytime soon.

Agriculture, she said, was ripe for transformation with the availability of appropriate technology and requisite human resource.

She also called for the consideration of land and estate taxation as an avenue for raising capital.

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