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While the International Monetary Fund (IMF) in its latest report projected a 4.5 per cent growth for Ghana in 2016, the Fund put countries such as Côte d’Ivoire,Kenya, and Senegal at much higher growth rates.

Côte d’Ivoire is expected to grow at 8.5 per cent, Kenya at 6 per cent and Senegal at 6.6 per cent.

According to the IMF, boost for the private sector, increased agricultural production and investment in infrastructure will fuel the growth in these countries.

For example in the case of neighbouring Côte d’Ivoire, the Fund said “high cocoa prices and good agricultural production, as well as an anticipated boost in investment following the recent presidential election, are expected to fuel strong growth in Côte d’Ivoire, projected at 8.5 per cent.”

The IMF report stated that growth in Kenya is projected to rise to 6 percent this year, aided by investment in the transport sector, a pickup in electricity production, and a recovery in tourism. 

“Senegal’s strong growth is expected to remain broadly unchanged at 6.6 percent, supported by improving agricultural productivity and a dynamic private sector,” the report said.

The Fund said in the report that growth prospects for 2016 had strengthened for Côte d’Ivoire and Senegal, reflecting increased public infrastructure investment, a good agricultural season and an improved business environment.

Commenting on the report, Economist and Lecturer in Public Accounting at the Ghana Institute of Management and Public Administration (GIMPA), DrRazielObeng-Okon said “it is not surprising that the IMF staff report, projects higher growth rates for Côte d’Ivoire, Kenya, and Senegal.” 

According to him, the higher growth rates could be attributed to the better economic indicators of Cote d’Ivoire, Kenya and Senegal in some areas than that of Ghana.  

“For instance Ghana’s monetary policy rate which affects lending rates is the second highest in Africa following The Gambia with the highest MPC rate of 27% out of the 51 countries in Africa.”