Minister of Finance, Ken Ofori-Atta says the country’s overall Real GDP growth for 2023 has been revised to 1.5 per cent from 2.8 per cent.
Mr. Ofori-Atta also noted that non-oil Real GDP growth has been revised to 1.5 per cent from 3.0 per cent.
While delivering the Mid-Year Budget Review in Parliament on Monday, July 31, 2023, Mr. Ofori-Atta explained that the downward revision in projected growth for 2023 is an indication of a broad slowdown in the three sectors of the economy as a result of factors such as the fiscal consolidation plan and difficult global conditions.
According to him, the overall GDP growth is, however, projected to rebound to 2.8 per cent, 4.7 per cent, and 4.9 per cent in 2024, 2025, and 2026, respectively.
“This is a result of implementation of growth-oriented and structural transformation strategies in the PC-PEG,” he stated.
“We have, however, been charged in the PC-PEG to develop an enhanced Growth Strategy supported by crowding in of private domestic and foreign investments to further boost growth. We are confident of a private sector outlook to boost growth and jobs,” Mr. Ofori-Atta added.
