Ghana's Finance Minister Ken Ofori-Atta said last week that he expected the IMF's board to approve the support package in May. (Reporting by Christian Akorlie Writing by Sofia Christensen Editing by Estelle Shirbon, William Maclean)
(Adds detail, comparative figures and background)
By Christian Akorlie
ACCRA, April 19 (Reuters) - Ghana's economy grew 3.1%
year-on-year in 2022, compared with a growth rate of 5.1% the
previous year, the country's statistics agency said on
Wednesday.
The West African country's gross domestic product grew 3.7%
year-on-year in the fourth quarter, compared with 2.9% in the
previous quarter - its worst performance since the start of
2021.
Growth for both the fourth quarter and the whole of 2022 was
underpinned by services, mostly in the information and
communication sub-sector.
This was followed by industry, with most growth observed in
mining and quarrying, and agriculture.
Gold, oil and cocoa-producing Ghana is battling its worst
economic crisis in a generation, brought by currency
depreciation and growing debt coupled with high interest rates.
Inflation reached a more than two-decade high of 54.1% in
December, but has since slowed, falling to 45% year-on-year in
March.
The government has been unable to redress the situation and
service its debt despite spending cuts and several central bank
interest rate hikes.
It turned last year to the International Monetary Fund
(IMF), which agreed to provide a $3 billion loan conditional on
debt restructuring.
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