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Nana Akufo-Addo's Ghana in its lowest growth rate for 40 years

24/07/2020
Source : financialafrik.com
Categories: Rate

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Due to the coronavirus pandemic, Ghana's GDP is expected to grow by 0.9% this year against an initial forecast of 6.8%, according to updated data released by Ken Ofori-Atta, Minister of Finance.

In the early hours of the crisis last March, Ken Ofori-Atta was still counting on a growth rate of 1.5%. According to the minister, who announced on Thursday July 23 a support program of 17.4 billion USD intended to revive West Africa's second economy, this will be the slowest pace for nearly 40 years.

For its part, the budget deficit is expected at 11.4% due to a drop in revenue and an increase in expenditure. In the first quarter of the year, growth increased by 4.9%, against 6% in the first three months of 2019, driven by the services sector (9.5%).

Will these figures have an impact on the 2020 presidential elections? More than half of Ghanaians polled in an election poll do not think President Nana Akufo-Addo has delivered enough on his promises to earn re-election. Ghana's election poll, conducted online via renowned market research firm MSI-ACI, from May 1 to June 30, finds that 52% of respondents are against the idea that the president deserves another term of office. 4 years based on promises kept.

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