Ghana’s economy will expand in three years – World Bank projects

World BankGhana’s economy is projected by the World Bank to expand over the next three years notwithstanding the global economic situation.

The projected expansion is expected to start this year by 5.2 per cent, 2017 by 8.2 per cent and in 2018 by 7.5 per cent growth rates.

President John Dramani Mahama made this known during the 2016 May Day celebration in Wa by Organised Labour.

He said the country’s debt to Gross Domestic Product (GDP) was declining steadily, inflation was decelerating, the domestic currency was stabilising, growth in public debt was slowing and the strict discipline of zero Central Bank financing was being implemented beginning this year.

President Mahama assured Ghanaians that the projected growth would create jobs because the structure of the economy was being transformed through diversification and increased investment in the rail sector.

He said through the deliberate policy intervention, they were creating more opportunities in the Information and Communication Technology enabled services sector.

“We are revamping and diversifying our export by promoting the growing of cashew, coffee, cocoa, Shea nut and also expanding the poultry industry, shrimps and aqua culture,” he said.

“We are also reactivating the Komenda Sugar Factory which alone will create 10,000 direct and indirect jobs,” he said.

President Mahama said the Bank of Ghana had also recently announced a new programme to extend support to the agricultural sector to the tune of about 100 million dollars.

In addition, government would continue to partner the private sector, either directly or indirectly, through the creation of an enabling environment for more job opportunities, he said.

President Mahama said the Government had virtually completed migration unto the Single Spine Pay Structure and that they had already cleared the arrears that were owing to workers.

He said with the consolidation of the Single Spine Pay Policy (SSPP), it was time for them to turn attention to the proposal to set up an Independent Emolument Commission which would ensure greater fairness in remuneration across the public sector notwithstanding whether people were Article 71 office holders or on the SSPP.

The President, however, said with the completion of the migration of the single spine, it was time for government to critically look at the issue of productivity.

President Mahama, therefore, called on Organised Labour to join hands with government to put in place systems that would enhance productivity in the public service.

Source: GNA

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