(Ecofin Agency) - Ghana’s Gross Domestic Product (GDP) is forecasted to increase by 30 to 40%, over a statistical update scheduled for next September, Reuters reported July 18.

The country plans a new GDP calculation system based on data from 2013 set as reference year, instead of 2006, to better reflect recent booming activities in oil, communication technology and construction sectors.

“The indication is that this year’s rebasing will add 30 percent or more to the size of the economy... It could be up to 40 percent,” a senior official told Reuters.

According to estimates from the International Monetary Fund (IMF), Ghana's GDP reached $47 billion in 2017, ranking the country 11th in Africa. Back in 2010, when the country rebased its national accounts, the economy expanded by 60% thanks to updated oil data.

The projected increase in GDP is expected to positively impact indicators such as the debt-to-GDP ratio and the budget deficit. Yet, the tax-to-GDP ratio will be negatively affected.