The International Monetary Fund predicts that Ghana’s economy will grow at 8.8 percent in 2019, the fastest growth rate in the world. IMF bases its projections on the improved macroeconomic performance for the last two years and the strong economic growth in 2018 supported by oil production.
Ghana is a major producer of cocoa, oil, and gold. The nation registered sharp growth in the economy in 2017 and 2018. Some analysts argue that the IMF’s prediction is overstated. Neville Mandimika, an analyst with the Rand Merchant Bank tweeted that IMF’s projection is “way too generous”. Additionally, the African Development Bank’s prediction is at a lower rate of 7.3 percent.
African nations dominate the list of the fastest growing economies in the world. Some of the countries that top IMF’s list are South Sudan, Dominican Republic, Rwanda, Ethiopia, Ivory Coast, Bangladesh, India, Senegal, and Cambodia.