Economist, Dr. Ebo Turkson has welcomed the World Bank’s prediction that Ghana’s economy will experience some moderate growth this year.
According to him, indicators being used by the World Bank best fits the growth potential of any country.
The World Bank in its first Africa Pulse report for 2016, projected moderate growth of 3.3 percent for Ghana.
The bank cited increased investor confidence, oil production from new oilfields and solution to the country’s energy crisis as the main reasons that will propel Ghana’s economic growth.
In an interview with Citi Business News, Economist and Senior Lecturer at the University of Ghana, Dr. Ebo Turckson admitted that though Ghana still has challenges with power, he believes the country would witness some economic growth this year.
“The energy crisis is one of the main reasons why we have not done well within the two years. The World Bank’s prediction is that if we are able to get our head around the energy crisis, then we should see some growth especially in the manufacturing sector and the services industry. The Bank initially complained that the energy crisis was having an impact on the operations of businesses in the country. So given that Ghana’s GDP is driven by the services sector, then you should expect that once we get our head around the energy crisis, it should be possible for our economy to grow much better than it did previously.”
Dr. Turckson added, “If production comes on stream with the oil fields that have been discovered, we will see some growth in there which will impact on the overall growth for the country.”
By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana