The Ghanaian government will miss its 2019 economic growth target of 7.1%. This is because Ghana’s Gross Domestic Product (GDP) growth rate was 5.6% for the third quarter of 2019.
Ghana needs a growth rate of 10% to meet the GDP for the entire year, and this is impossible as 2020 is fast approaching. To increase the growth rate, the essential requirements are challenging and cannot be achieved in a short period.
The sectors of construction, financial services, and manufacturing can help increase the Gross Domestic Product Growth Rate with proper planning and time permitting.
However, Economic Analyst Courage Martey said,
“I think it is late in the day because we are already in December, and any policy implementation right now to achieve that 7.1 % target for end-2019 will only spill over into the 2020 growth numbers.”
it’s important to note that Ghana’s economy grew by 5.6% in the third quarter of 2019, in the same period last year, the growth rate was 7.4%.
Martey urged the government to focus on the Sinohydro project, in getting the construction area forward and developing.