Ghana’s economy remains strong despite GDP forecast downgrade

Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

Ghana’s economy can withstand the ongoing COVID-19 pandemic despite an almost 6-percent cut in its growth forecast, an economist said Monday.

Speaking at a post-budget virtual workshop for journalists, Alhassan Iddrisu, director of the economic strategy and research division of the Finance Ministry, said the impact of COVID-19 would have been dire if the country’s economic fundamentals were not strong prior to the outbreak of the pandemic.

“COVID-19 has affected even stronger economies, and the ability to withstand it is important. The impact would have been dire if the economy was not strong,” he said.

The ministry presented the mid-year budget and supplementary estimates to the parliament last week, aiming to return the economy to sustainable growth.

The government revised its forecast for the gross domestic product (GDP) growth for 2020 from 6.8 percent to 0.9 percent, which is a sharp reversal from the robust growth of 7 percent on average over the past three years.

The country’s non-oil GDP growth for 2020 was correspondingly revised from 6.7 percent to 1.6 percent.

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