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Ghana economic growth seen down around 7.2%

29 October 2013, 20:08

Accra - Ghana's economy is forecast to grow at around 7.2 per cent in 2014, down from an expected 7.9 per cent this year,Vice President Kwesi Amissah-Arthur told reporters.

The country's budget deficit for 2013 will stand at 9.2 per cent of GDP,slightly over the 9.0 per cent target it initially set for the year,Amissah-Arthur added.Overspending in the country has cast a shadow over the country's reputation as a stable democracy enjoying robust economic growth largely due to its gold,cocoa and oil exports.

Fitch downgraded Ghana's sovereign rating this month to B from B+ over concerns about the deficit and current account deficit.

"In 2013, we think the growth will be good in terms of the African peer countries, but it will not be to our expectations. We don't think it will be 8 per cent, it will be seven or 7.2 or thereabouts, which will be good,"Amissah-Arthur said.

Ghana aimed to extend its international currency reserves to five months import cover next year,up from an average of three months cover in 2013, he said. 



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