Ghana says a difficult economic period in 2023 has largely been caused by external factors outside its control. Photo: Getty Images

The Ghanaian government has revised downwards its economic projection for the Financial Year 2023, citing a difficult global economy and fiscal consolidation.

The growth rate of the real gross domestic product (GDP) projection has now been placed at 1.5% from 2.8% previously.

Real GDP is a measure of the total value of all goods and services produced in an economy in a given period of time such as a year.

Non-oil real GDP growth rate has also been revised downwards, from 3% to 1.5%. The inflation is projected to rise to 31.3%, from the earlier projection of 18.9%.

The figures were released by Ghana’s Finance Minister Ken Ofori-Atta, when he presented mid-year budget policy statement in parliament on Monday.

Ofori-Atta said the average crude oil price had been revised downwards, from $85.55 per barrel to 74.00 per barrel.

Ghana produces approximately 177,000 barrels of crude oil per day.

Some of the major oil and gas activities in the country are conducted by international oil companies such as Tullow Ghana, Vitol, Kosmos Energy, ENI, and Aker Energy.

Ghana's main exports are gold, cocoa beans and timber products. Others include tuna, aluminum, manganese ore, diamonds and horticulture.

TRT Afrika