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Ghana’s reform, Ghana’s has been growing strongly,

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Ghana’s economy growth
is expected to have slowed
down for
the fifth consecutive year
in 2016. Growth
is projected
to have
fallen from 3.9% in 2015 to 3.3% in 2016.•Ghana
attained middle-income status after rebasing its National
Accounts
in 2006, which
resulted in increase of per capita gross domestic product (GDP) of the country
to above USD 1,000 in 2007.•Recovering
from economic recession in 1984 on account of the Bretton Woods sponsored
economic reform, Ghana’s has been growing strongly, with 3.3 per cent being its
lowest economic growth, recorded in 1994.

•Ghana
was the fastest growing economy globally in the year 2011 when it reached its
peak of 15 per cent due to the commencement of commercial production of oil.
This resulted into increased per capita income, reaching a high of about USD
1,900 in the year 2013.•Gross
domestic product (GDP) growth
of Ghana has slowed down from
3.9% in 2015 to 3.3% in 2016
for the 5th consecutive year because of the
implementation of tight fiscal and monetary policies in
the regards
to the International
Monetary Fund (IMF) Extended Credit Facility (ECF) programme, and technical issues related to oil production
in Ghana.

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•Projections
for year 2017 and 2018 estimate the growth to recover to 7.1% and 8.0% respectively as a result of restoration of
energy supply, new hydrocarbon
wells coming
on stream and the timely resolution of technical issues that have
led to
disruptions in
the oil and
gas fields.

•The
growth is expected to be sturdier in the coming years if macroeconomic
fundamentals progress, and influence positively on the non-oil economy.Ghana’s
economy growth
is expected to have slowed
down for
the fifth consecutive year
in 2016. Growth
is projected
to have
fallen from 3.9% in 2015 to 3.3% in 2016.•Interest
Rate
in Ghana stands at an all-time average 18.09 percent and is projected to
be 20 percent by the end of 2017. •In
the year 2014, the Deposit Interest Rate rose
up to
13.30 percent from 12.90 percent. 

•Deposit
Interest
Rate averaged at
17.71 percent
and is projected to be 14.41 in 2016. The latest value of Deposit Interest
Rate in Ghana is
13.30
percent.•The
unemployment rate in
Ghana increased from 5.54 percent in 2015 to 5.77 percent in 2016

•The
unemployment rate in
Ghana has
an average of 6.51 percent
from 1991 until 2016, and
it reached an all
time peak
of 10.36
percent in 2000 and a record minimum of 3.60 percent in 2006

Ghana
ranks
as the
64th largest export economy in the world. In the year 2016,
Ghana exported $10.5B and imported $11B, which has resulted in a
negative trade balance of $508M.

In
the year 2016 the
GDP of Ghana was $42.7B and its GDP per capita was $4.29k.•The
CPI inflation in Ghana has been risen from 8.73% in 2011 to 21.20 in June 2017. The
inflation is expected to continue the upward trend for some time.

•The bank
has assured its commitment to maintain the price stability in the country and
monitor developments in the economy to take further policy actions accordingly.•Due
to unplanned expenses, Ghana’s debt rose to 73% of GDP in 2016

•According
to IMF, Ghana is at a high risk of debt distress since the nation is planning
to clear energy debts by sale
of a
10 billion cedi ($2.3 billion) bonds

•The
government aims to reduce the debt to 60% by end of 2020 through certain
monetary policy measures.•The currency
Ghanaian cedi (GHS) remained relatively stable in 2016. However, in the last
few months of 2016, the cedi was under some pressure, a concern to both
monetary and fiscal authorities. A basic challenge for policy makers last was
the rise in weakening
asset quality.

•The
ratio of non-performing loans to total gross loans increased from 17.7% in June
2016 to 21.2% by June 2017. The Bank of Ghana has taken measures to restore the
stability of the sector by requesting a recapitalisation plan from the banks
with a capital shortfall and has also begun implementation of collateral
requirements and development of an Emergency Liquidity Assistance.

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