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.
According to the Alliance for Development and Industrialization (ADI), the country‘s GDP is poised to record double digits, 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) indicated that the Ghanaian economy expanded by 4.8 percent in the second quarter.
However, the manufacturing sector recorded a GDP growth rate of 8.8% by the second quarter of 2022.
“This means that the 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, a statement issued in Accra and signed by Richard Danso, President of ADI noted.
According to him, Ghana is most likely to recoup about $3 billion through import substitution in the wake of the rapid depreciation of the country’s currency – the Ghana cedi.
The cedi started its free fall from the beginning of this year which has almost depleted the country’s Gross International Reserves.
But, according to the Alliance for Development and Industrialisation, the depreciation of the cedi has positioned the country to be self-dependent and a good destination for exports.
“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”, it said.
“Now that importation has become unattractive, the financial institution should begin to look into supporting import substitution”, it said.
This, according to the ADI, would help support the country’s balance of payment as well as stabilise the cedi.