Ghana’s economy is expected to grow 8.3 percent in 2018, higher than the 6.8 percent estimated in the government’s budget, President Nana Akufo-Addo said on Tuesday.
The major commodities exporter is in its final year of a $918 million International Monetary Fund aid programme designed to lift growth and reduce public debt and inflation.
“Our economy has grown from 3.6 percent in 2016, the lowest in 22 years, to 7.9 percent in 2017 and in this year expected to grow at 8.3 percent, which will make it the fastest growing economy in the world,” Akufo-Addo said at an annual independence parade attended by Nigerian president Muhammadu Buhari.
Akufo-Addo, who assumed office in January last year, vowed to continue to manage the economy in a disciplined and sound framework aimed at making Ghana less dependent on aid.
The West African country is on target to narrow fiscal deficit to 4.5 percent of GDP this year compared to 5.9 percent previously, he said.