Ghana
Ghanaian president John Mahama says that Ghana’s budget deficit is expected to fall to 4.9 percent of GDP in 2016, from an earlier projection of 5 .3 percent.
#Ghana budget deficit expected to fall to 4.9 pct this year – president https://t.co/M5cBSMVcFK pic.twitter.com/qBDqCzOf1U
— CNBC Africa (@cnbcafrica) September 14, 2016
While outlining his ruling party’s manifesto, Mahama added that Ghana’s GDP is expected to grow more than 8 percent in 2017 compared to a projected 4.1 percent this year.
The West African economy has had a sharp economic decline over the last for years due to the fall in commodity prices, and a fiscal crisis that forced Ghana to enter into a 3-year aid program with the International Monetary Fund.
As Ghana’s gears for elections in December, positive economic news is crucial for president Mahama as he hopes to be elected for a final four year term in office.
Mahama will face a tight contest against Nana Akufo-Addo, leader of the New Patriotic Party, which ruled the country for eight years until it lost an election in 2008.
Reuters
Go to video
Ghana's vice President, Bawumia meets Pope Francis in historic Vatican visit
Go to video
5 African countries with the highest Schengen visa rejection rates
01:57
All-Africa Games: Mauritius dominates cycling as Egypt collects 91 gold medals
01:02
Pics of the day: March 5, 2024
00:45
Ghana: Finance ministry warns country stands to lose $3.8B over controversial anti-LGBTQ bill
00:39
Guiness World Record: Ghanaian chef's attempt fails