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Fitch Solutions has confirmed its position that economic activities in Ghana will get worse before getting better in 2023.
This is coming despite the expansion of the economy by 4.2% year-on-year in the first quarter of 2023.
According to the UK-based firm, the relatively appreciable growth rate in the first three months of 2023 was primarily driven by strong government consumption as tax revenue shot up significantly.
Fitch Solutions had projected that the country’s budget deficit will narrow substantially to 5.7% of Gross Domestic Product in 2023, from an estimated 8.3% in 2022.
Senior Analyst for Sub-Saharan Africa, Mike Kruninger, speaking on the Mid-Year Review of Sub-Sahara Africa said exports in the first quarter of 2023 remained robust, whilst imports slumped.
