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African Economic Outlook 2003

image of African Economic Outlook 2003

The African Economic Outlook is a joint project between the African Development Bank and the OECD Development Centre.  The project, initially funded by the EU, combines the expertise accumulated by the OECD and the knowledge of the African Development Bank on African economies. The objective is to review annually the recent economic situation and the short-term likely evolutions of selected African countries.  The Outlook is drawn from a country-by-country analysis based on a unique analytical design.  This common framework includes a forecasting exercise for the current and the following year using a simple macroeconomic model, together with an analysis of the social and political context.  It also contains a comparative synthesis of African country prospects.  A statistical appendix completes the volume.  Decision-makers and economists in African and OECD countries, both in the public and private sectors, aid agencies and investors will all find this volume of significant interest.

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Ghana

OECD Development Centre

The Ghanaian economy appeared to turn the corner in 2001 with real GDP growth taking an upward turn from the declining trend seen since 1998. Real GDP growth in 2001 registered 4.2 per cent from the decade low of 3.8 per cent recorded the previous year. The outlook on growth is stabilisation in 2002 and improvement in 2003—real GDP growth is estimated at 4.4 per cent and projected at 5.2 per cent respectively. The upsurge of growth in 2001 was due to a recovery in agricultural production aided by improvement in macroeconomic management. Improvement in economic management was underlined by significant improvement in public finances. As a result of greater domestic tax effort and prudence in government spending, the country’s budget achieved its highest ever primary balance in 2001. Ghana is expected to maintain a positive primary balance in 2002 and 2003 as fiscal stability is consolidated...

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