Ghana Set to be Sub-Saharan Africa’s Fastest Growing Economy in 2011
The World Bank has projected that Ghana’s economy will be the fastest growing in Sub-Saharan Africa’s this year at 13.4% before slowing down to 10% next year.
This is on the back of large infrastructural projects being undertaken in the East African country, and the growth would be with or without the inflows from the oil sector. It did however warn of distortions if the inflows from oil revenue were not managed properly.
The report noted that Africa appeared to have sustained growth and transformation in 2010 and the private sector was increasingly attracting investment into their economies, adding “Africa appears to be poised for sustained growth due to private capital flows.”
The World Bank added that strong domestic demand in developing countries was responsible for a strong performance with growth expectations of around 7% in 2011,6%in 2011, and 6.1 % in 2012.