Ethiopia the African economy likely to grow the quickest this year, says IMF
Ghana has lost its mantle as the African economy likely to grow the quickest this year to Ethiopia, which has held the position for most of the past decade, according to the International Monetary Fund (IMF) data. West Africa’s second-biggest economy should expand 6.3% this year, the IMF said in its World Economic Outlook released on Tuesday. That’s lower than the 8.9% forecast in October, and is also less than the raised 7.4% estimate for Ivory Coast and the prediction for Ethiopia, which was held at 8.5%. Commodities, including oil, gold and cocoa, are the mainstay of Ghana’s $43bn economy, which surged 8.5% last year as the Sankofa crude field started up in May. Its growth booms and busts have been closely linked to oil since it became a producer in 2010. Ethiopia, whose GDP is almost double Ghana’s, has drawn investors including General Electric, Standard Bank Group and hundreds of Chinese companies. The IMF increased its forecast for expansion in Sub-Saharan Africa to 3.4% this...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.