Ghana Country Note: African Economic Outlook 2015
This Ghana Country Note is extracted from the 2015 African Economic Outlook (AEO), an annual publication of the African Development Bank in conjunction with the OECD Development Centre and the United Nations Development Programme. The 2015 AEO was based on the theme, “Regional Development and Spatial Inclusion”.
The chapter notes that although Ghana registered relatively commendable economic growth in 2014 (4.2%), the economy faced major challenges in the form of sharp currency depreciation, deepening energy crisis, deteriorating macroeconomic imbalance, and rising inflation and interest rates. The 2015 Economic Outlook therefore projects an equally low economic growth rate of 3.9% in 2015 with gradual improvement to 6% in 2016 mainly due to higher oil and gas production, increased private sector and public infrastructure investments, as well as an improved macroeconomic framework and political stability. However, it fears that Ghana may fail to attain some of the 2015 MDG targets.