Ghana’s Overall Real GDP Growth Revised To 1.5% – Ofori-Attah

Finance Minister, Ken Ofori-Atta has disclosed that the overall Real GDP growth for 2023 has been revised to 1.5 per cent from 2.8 per cent.

He also said non-oil Real GDP growth has been revised to 1.5 per cent from 3.0 per cent.

Mr Ofori-Atta said these when he delivered the Mid-Year Budget Review before parliament on Monday, 31 July 2023 while explaining that the downward revision in projected growth for 2023 is an indication of a broad slowdown in the three sectors of the economy as a result of factors such as the fiscal consolidation plan and difficult global conditions.

The Finance Minister further indicated that overall GDP growth is, however, projected to rebound to 2.8 per cent, 4.7 per cent, and 4.9 per cent in 2024, 2025 and 2026, respectively.

“This is a result of implementation of growth-oriented and structural transformation strategies in the PC-PEG,” he stated.

“We have, however, been charged in the PC-PEG to develop an enhanced Growth Strategy supported by crowding in of private domestic and foreign investments to further boost growth. We are confident of a private sector outlook to boost growth and jobs,” he added.

Click for the Full Mid-Year Budget Review Statement

2023 MID-YEAR SPEECH 31072023 _Final_for print_230731_125526