Ghana trims 2014 GDP growth forecast after weak Q2 data

 

Ghana trimmed its economic growth forecast for this year to 6.9 percent after a slowdown in second-quarter growth, the country's statistical service said on Wednesday. The finance ministry had been forecasting full-year growth of 7.1 percent.

Ghana's Statistician General, Philomena Nyarko said unadjusted GDP growth decelerated to 5.3 percent year-on-year in the second quarter, sharply down from a revised 10.8 percent in the same period last year, government statistician .

Reuters reports that the government is holding talks with the International Monetary Fund on a possible financial assistance as it deals with escalating inflation, a currency that has fallen sharply this year and a budget deficit above 10 percent.

Ghana's economy grew by a revised 7.6 percent in 2013, the statistics service said. Excluding oil, the figure was 7.3 percent.