Ghana’s Economy Fastest-Growing In The World

Ghana’s economy has been estimated to be the fastest-growing in the world for the first half of 2011, by

Other countries selected among the 12 fastest-growing economies in the world were India, Angola, Iraq, Ethiopia, Mozambique, East Timor and Laos.

Ghana’s Gross Domestic Product, GDP, was at the time estimated to be 20.146 percent. Qatar’s was next with 14.337 percent.

Qatar was followed by Turkmenistan, which recorded 12.18 percent; China, 9.901 percent; and Liberia with 9.0 percent. has a database of statistics from the International Monetary Fund, IMF, which tracks the Gross Domestic Product, GDP, of countries across the world.

The Minister of Finance and Economic Planning, Dr Kwabena Duffuor, reported on July 14, 2011, when he presented the Supplementary Budget estimates to Parliament, that the year-on-year GDP growth for the first quarter of 2011 showed a 23 per cent growth over that of the same period in 2010.

The provisional quarter-on-quarter estimates of the real GDP showed a growth of 21.4 percent. used the nominal GDP growth figures (constant prices based on national currencies).

The Minister of Finance and Economic Planning, Duffuor, said this year’s economic program would consolidate the gains made last year and restore fiscal sustainability, as the deficits would be slashed from 6.8 per cent of the GDP in 2010 to 5.1 per cent of GDP in 2011.

Provisional figures for the first half of the year indicate that total revenues and grants were 9.3 per cent higher than the budget target for the period, with corresponding expenditures being 4.2 per cent higher than projected.

Duffuor said the performance of tax revenue for the first half, which amounted to GH¢4.2 billion or 7.4 per cent of GDP – an out-turn which is 20.6 per cent above the targeted – indicated a strong growth in revenues, especially from customs.

He said although expenditures for the first half were also higher than targeted, the performance of revenues led to a lower than budgeted fiscal deficit, which would be monitored to ensure that the economy did not overly expand its fiscal position.

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