The overall real GDP is projected to grow at 5.0 percent in 2021, the Minister of Parliamentary Affairs, Osei-Kyei Mensah-Bonsu told parliament on Friday.
Also non-oil real GDP is projected to grow at 6.7 percent. In terms of sectoral growth, the Agriculture Sector is expected to grow at 4.0 percent, while the Industry Sector and the Services Sector are expected to grow at 4.8 percent, and 5.6 percent respectively, the caretaker Finance Minister said while presenting the 2021 Budget Statement.
In respect of the Monetary and External Sector Outlook for 2021, he said the monetary policy in 2021 and the medium-term will continue to hinge on sustaining price stability with a view to firmly anchoring inflation expectations and creating conditions favourable to growth.
Specifically, he said monetary policy will aim at steering inflation back within the medium-term target of 8±2 percent. In particular, broad money supply (M2+) growth is projected to moderate in 2021, in line with inflation.
“Mr. Speaker, the thrust of external sector policy will focus on building external buffers, enough to cover at least four months of imports of goods and services to cushion the economy against adverse external shocks. This will be supported by expected improvements in the trade balance and the current account balance, backed by increased remittance inflows, improved portfolio inflows, and favourable access to the international capital market. Potential downside risks to the external sector outlook continue to be the possible weakening of commodity prices, increased energy-related payments, and portfolio reversals.” he said.
Details
a. Overall Real GDP growth of 5.0 percent;
b. Non-Oil Real GDP growth of 6.7 percent;
c. End-period inflation of 8.0 percent;
d. Fiscal deficit of 9.5 percent of GDP;
e. Primary deficit of 1.2 percent of GDP; and
f. Gross International Reserves to cover not less than 4.0 months of imports.
Source: Ghana/Kasapafmonline.com/102.5 Fm
