34% Ghanaians believe GDP growth to exceed IMF forecast for 2023 – Report

A survey by Deloitte Ghana has revealed that 34% of Ghanaian workers believe Ghana’s Gross Domestic Product (GDP) growth rate would exceed the International Monetary Fund’s forecast of 1.6% for 2023.  

At the same time, 33% either disagree or strongly disagree with the growth rate of the country exceeding the IMF’s projection for this year.

The government projected a 2.6% GDP growth for 2023, whilst Fitch Solutions put the GDP estimate for Ghana this year at 3.1%.

A large number of respondents identified the Extractive, Services and the Agriculture sectors to be the main drivers of growth in 2023.

In terms of the impediments to the growth of the industry, 68% identified inflation and currency fluctuation to be the number one impediment to growth in their industry.

They were followed by cost of capital (40%) and global economic downturn (34%).

73% respondents agree government’s digitalization useful to business

Regarding the question, has the Government’s Technology and Digitalisation Drive been useful to the industry, 73% of the respondents agreed government’s digitalisation drive has been useful to business.

Sixty eight percent, however, expect the government to have more consultation and collaboration in developing and implementing digital initiatives in order to improve its digitalisation agenda.

The survey contained 16 questions and was administered online. We collated a total of 239 responses from six broad industries based on the Deloitte industry classification.

The majority of the respondents (65%) were low to middle-level managers (such as supervisors, executives, operations managers, branch managers).

The highest number of respondents were from the Financial Services Industry group.

In Deloitte’s view, this is because players in the industry want the Government to understand their expectations about the economy, especially given the impact of the Domestic Debt Exchange Programme (DDEP), as a prior action for the approval of IMF program, on the Financial Services Industry.