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New Cairo Egypt.

Lagos Nigeria.

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THIS IS ACCRA GHANA.

Ghana’s economy is projected to remain relatively strong over the medium term, supported by higher prices for key exports and strong domestic demand. Growth is projected to reach 5.5% in 2022 and average 5.3% over 2022. Growth is expected to be broad-based led by agriculture and services and relatively stronger industry sector.

The government’s 2022 budget set forth an ambitious consolidation plan as it aims to raise revenue from 16% in 2021 to 20% in 2022. Fiscal measures would reduce the deficit from 12% in 2021 to 4.5% by 2024. However, the main revenue measure (an e-levy estimated at 1.4% of GDP in 2022) has faced steep opposition, preventing its introduction so far, while targets for other revenue measures may be too optimistic.
A more conservative projection suggest that the fiscal deficit could be closer to 7.5% in the medium-term (2022-2024), compared to the government’s target of 5.8%.