Finance

Ethiopia to be Africa’s fastest growing economy in 2018

Wednesday, 18 April 2018 16:26

Ethiopia just overrun Ghana as the country with the fastest growing economy in 2018. This is revealed by IMF’s latest forecasts issued yesterday April 17.

According to data from the international institution, Ethiopia will record an 8.5 % growth rate and 6.3% for Ghana.

IMF indicated that this good performance from Ethiopia could be spurred by an influx of investors such as General Electric Co, Standard Group as well as many Chinese companies, into an economy whose GDP (($73 billion ) is almost the double of that of Ghana ($43 billion).

Meanwhile, Ghana’s economy is increasingly dependent on commodity prices, since the country became an oil producer in 2010. These new incomes have enabled the country, to achieve 8.5% growth in 2017, the best performance in five years according to the country's National Statistics Office.

Let’s note that this new growth forecast of 6.3% for Ghana represents a sharp shrink compared with the 8.9% forecasted in October 2017, leading the country to be Africa’s 4th fastest growing economy after Ethiopia, Côte d'Ivoire (7.4%) and Senegal (7%), respectively.

Let’s recall that last January, in its global economic outlook report, World Bank forecasted an 8.3% growth for Ghana, ahead of Ethiopia (8.2%) and Côte d'Ivoire (7.2%). 

Moutiou Adjibi Nourou (intern)

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