Ghana has set a goal for its economy to grow by 2.8% by 2023.

Thursday, when he told parliament about the budget for 2023, Finance Minister Ken Ofori-Atta said that this was the goal.

“The economy is expected to start growing again in 2024 and grow steadily over the next few years. Between 2024 and 2026, the average growth rate is expected to be 4.8 percent,” he said.

Ofori-Atta said that over the next few years, the services sector would continue to make up the largest share of the country’s total output, followed by industry and agriculture.

He said that the government would keep making it possible for private sector investments to help the economy recover and create jobs.

Ofori-Atta said that the economy’s big problems, like high food prices and pressure on the local currency, needed to be solved by making the private sector more productive and able to export.

“The economic enclave project, which is based on commercial farming, is being done to greatly increase the amount of rice, tomato, corn, vegetables, and chicken that can be grown,” the minister said.

Inflation is another thing that is putting pressure on the Ghanaian economy. In October, it was 40.4%, but the goal for the medium term is between 6% and 10%, he said.

“We expect inflation to be 18.9% by the end of 2023, the primary balance on an obligation basis to be in surplus by 0.7% of GDP, and gross international reserves to cover at least 3.3 months of imports,” the minister told lawmakers.

Ofori-Atta hoped that the talks the country was having with the International Monetary Fund would lead to a deal that would help the government’s plan to get the economy back on track.

Tags: 2023 GDP for Ghana Pegged at 2.8 Percent