Ghana’s overall GDP growth rate target for 2020 of 6.8% represents a 60-basis point increase over that of the 2019 (based on the revised budget). Growth in GDP is projected to see a fall between 2021 and 2022 due to a significant drop in industry sector growth expectations. Growth performance is however expected to accelerate in 2023.
Over the medium term, the growth of the industry sector is expected to average 5.2% and will peak at 8.6% in 2020. A sharp decline in growth is expected in the sector in in 2021 and 2022 largely due to a fall in crude oil production from existing fields. The sector’s growth will, however, improve in 2023, driven by expected production from the Pecan Field
The services sector is expected to attain an average growth of 6.3%, the highest average growth of the three sectors over the medium term. The growth of the services sector is expected to trend upwards from 5.8% in 2020 till it reaches 6.9% in 2023. Accounting for this trend is the anticipated growth of the health and social work sub-sectors which are projected to grow by 20.15%, on the average, over the medium term.
The agriculture sector is expected to grow at an average rate of 5.4% over the medium term.
The macroeconomic targets for 2020 and those to be pursued over the medium term (i.e. 2020 –2023) remain anchored by the Coordinated Programme of Economic and Social Development Programmes (CPESDP) and the Medium-Term National Development Policy.
The government is committed to implementing policies that reduce the general cost of doing business in Ghana and to promote investor confidence in the country. With a stable multi-party government that is committed to market liberalisation, Ghana has been ranked as one of the most attractive locations for doing business in Africa. Other factors that make Ghana a competitive investment destination include: