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Ghana's growth outlook broadly positive: central bank

Xinhua, May 17, 2016 Adjust font size:

The growth outlook for Ghana is broadly positive, the Bank of Ghana said here on Monday.

This however depends on the continued recovery in energy supply, stability in the local currency, and additional oil and gas production, according to the central bank governor.

However, there are still risks such as tight credit conditions and continued tightness in the fiscal stance which may moderate the pace of economic activity, central bank governor Abdul Nasiru Isahaku told the media after the 70th meeting of the Monetary Policy Committee.

Ghana's economy grew almost 4 percent last year which the International Monetary Fund lauded as above their expectations under the country's economic restructuring program.

For the first quarter of 2016, the deficit on cash basis was provisionally estimated at 0.4 per cent of Gross Domestic Product (GDP), which is lower than the target of 1.5 per cent of GDP.

"Government fiscal operations from 2015 through to the first quarter of 2016 showed faster pace of consolidation with outcomes better than projected," Isahaku said.

The debt position of the country stood at 99.9 billion Ghana cedis or 25.78 billion U.S. dollars, which was equivalent to 71.4 percent of GDP as of December 2015, slightly higher than the 69.2 percent figure registered in November, according to the central bank. Enditem