Ghana’s GDP likely to hit double digit — ADI

By Ruth Aboagye II Contributor
Ghanas GDP likely to hit double digit — ADI
22.09.2022 LISTEN

Ghana’s Gross Domestic Product (GDP) is most likely to hit a double digit in the next couple of years if the private sector is given the needed financial support.

The Alliance for Development and Industrialization (ADI) noted that the country‘s GDP is poised to record double digit if industries are given long term affordable credit facilities which would enable them to expand their productions for export.

The latest figures released by the Ghana Statistical Service (GSS) depict that the economy expanded by 4.8 percent of GDP. However the manufacturing sector recorded a GDP growth of 8.8 percent by the second quarter of this year.

This means that government’s industrial policy has begun yielding the optimum results and if the needed support is given to the private sector the country would soon achieve a double digit GDP, this was contained in a statement issued and signed by Richard Danso, the president of ADI.

According to him, Ghana is most likely to recoup about US$3billion through import substitution in the wake of the depreciation of the country’s currency, the cedi.

The cedi started depreciating at the beginning of early this year which has almost depleted the country’s Gross International Reserves. But, according to ADI, the depreciation of the cedi has positioned the country to be self-dependent and a good destination for export.

“What we need to do now as a country is to position ourselves and produce more to support the country and the continent as a whole.

“Now that importation has now become unattractive, the financial institution should begin to look into supporting import substitution,” Mr Richard Danso emphasised.

This, according to the ADI would help support the country’s balance of payment as well as stabilize the cedi.