IMF Sees Ethiopia Beating Ghana as Fastest-Growing Africa Economy
Ghana has lost its mantle as the African economy likely to grow the quickest this year to Ethiopia, which has held the position for most of the past decade, International Monetary Fund data showed.
Commodities including oil, gold and cocoa are the mainstay of Ghana’s $43 billion economy, which surged 8.5 percent last year as the Sankofa crude field started up in May. Its growth booms and busts have been closely linked to oil since it became a producer in 2010. Ethiopia, whose gross domestic product is almost double Ghana’s, has drawn investors including General Electric Co., Johannesburg-based Standard Bank Group and hundreds of Chinese companies.
Forecasts from the World Bank and African Development Bank in January also showed Ghana would expand the fastest this year. The World Bank will publish an updated report on African economies Wednesday.