Mr. Ken Ofori-Atta, Minister for Finance

Ghana’s economy is expected to become the 12th fastest growing economy in Sub-Saharan Africa in 2022 with an expected growth rate of 5.2%.

According to the International Monetary Fund April 2022 Regional Economic Outlook Report, this will place the country at a joint 12th position with Cape Verde among league of Sub-Saharan African economies.

In West Africa, the nation will place 6th again with Cape Verde.

The 5.2% expected expansion in the economy in 2022 will be slightly lower than the Gross Domestic Product (GDP) growth rate recorded in 2021.

In 2021, the IMF projected a growth rate of 4.2%, but the economy expanded by 5.4%, according to provisional estimates from the Ghana Statistical Service.

This was as a result of strong growth in the Services sector (9.4%), particularly Information, Communication and Technology (33.1%) and Agriculture (8.4%), particularly the Fisheries (13.4%) sub sector.

In 2023, the Fund forecasts a growth rate of 5.1%, which will place the country in the 21st position in the league of African economies.

This is due to expected strong growth rate by most African economies.

In 2022, Niger will become the fastest growing economy in Sub Saharan Africa with a growth rate of 6.9%, whilst Senegal will lead the league of African economies in 2023 with 9.2% in the economy.

Meanwhile, Sub-Saharan Africa is expected to grow at a rate of 3.8% in 2022 and subsequently 4% in 2023.

Country                    GDP      Ranking

Niger                          6.9%         1st

South Sudan             6.5%          2nd

DR Congo                   6.4%         3rd

Rwanda                       6.4%          3rd

Mauritius                   6.1%          5th

Equatorial Guinea    6.1%         5th

Cote D’Ivoire              6.0%          7th

Benin                           5.9%         8th

Kenya                           5.7%         9th

The Gambia                 5.6%         10th

Togo                             5.6%       10th

Ghana                           5.2%       12th

Cape Verde                  5.2%       12th