Economy experience high but unbalanced growth from mid-2000 to 2022 debt crisis – Former 1st Deputy Governor

Ghana's economy experienced high but volatile and unbalanced growth from the mid-2000s until the 2022 debt crisis, according to former First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari. The growth was driven primarily by cocoa exports, gold production, and later oil production, but this expansion was accompanied by rising fiscal deficits and increasing dependence on external borrowing.

Dr. Opoku-Afari highlighted that while oil production boosted growth, it was followed by fiscal and debt crises, with election-driven spending booms often failing to result in electoral victories. The economy's growth was also characterized by high and growing fiscal deficits, a lack of diversification, and insufficient private investment or high-quality public infrastructure.

Brief written by urgent.news from MyJoyOnline Ghana's own syndicated text. Machine-written — may contain errors; check the original before relying on it.