Ghanaian press spotlights IMF’s forecast of 1.6% growth for Ghana, others

APA – Accra (Ghana
The revised forecast of 1.6 per cent economic growth for Ghana by the International Monetary Fund (IMF) in line with concerns that debt pressures and funding constraints would make it difficult for African economies to expand at full potential this year is one of the leading stories in the Ghanaian press on Wednesday.
The Graphic reports that the International Monetary Fund (IMF) has revised Ghana’s growth downwards in line with concerns that debt pressures and funding constraints would make it difficult for African economies to expand at full potential this year.
The fund cut the country’s growth forecast to 1.6 per cent for 2023 this month, down from 2.8 per cent in October last year.
It also cut growth for Nigeria and South Africa to 3.2 per cent and 0.1 per cent respectively in its latest World Economy Outlook (WEO).
The WEO, which is published twice yearly, was released on April 11 at the ongoing IMF/World Bank Spring Meetings in Washington D.C.
The Economic Counselor and Director of the IMF, Pierre Olivier Gourinc, who presided over the launch, said growth in SSA had also been revised to 3.6 per cent from the earlier 3.9 per cent
Ghana’s latest growth forecast is also lower than the government’s target for the year, which was pegged at 2.8 per cent in the 2023 Budget Statement presented in November last year.
Like the World Bank, the IMF urged central banks in the region to keep interest rates tight to help ward off inflation for growth to pick up.
The newspaper says that the United Kingdom has included Ghana, Nigeria, Angola, and Cameroon among 54 countries that should not be actively targeted for recruitment by health and social care employers.
This announcement was made by the UK government in its revised code of practice for international recruitment of health and social care personnel in England, which was published on the NHS Employers website.
The code states that some developing countries, such as Ghana, should not be targeted when actively recruiting health or care professionals.
The countries placed on the red list of ‘No active recruitment’ under the code are Afghanistan, Angola, Bangladesh, Benin, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo, Côte d’Ivoire, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gabon, The Gambia, Ghana, Guinea, Guinea-Bissau, Haiti, Kiribati, Lao People’s Democratic Republic, Lesotho, Liberia.
Other countries are Madagascar, Malawi, Mali, Mauritania, Federated States of Micronesia, Mozambique, Niger, Nigeria, Pakistan, Papua New Guinea, Rwanda, Samoa, Senegal, Sierra Leone, Solomon Islands, Somalia, South Sudan, Sudan, United Republic of Tanzania, Timor-Leste, Togo, Tuvalu, Uganda, Vanuatu, Republic of Yemen, Zambia, and Zimbabwe.
Titled: “Code of Practice red and amber list of countries,” the UK Government said the list is based upon the World Health Organisation Workforce Support and Safeguard List, 2023 and will be updated alongside progress reports on WHO Global Code implementation and reported to the World Health Assembly every three years.
The countries listed have a UHC Service Coverage Index that is lower than 50 and a density of doctors, nurses and midwives that is below the global median (48.6 per 10,000 population).
The Graphic also reports that the red listing of Ghana by the World Health Organisation (WHO) and the United Kingdom (UK) will not halt the ongoing brain drain of health workers, says David Tenkorang, the General Secretary of the Ghana Registered Nurses and Midwives Association (GRNMA).
Mr Tenkorang believes that the UK and other developed countries will continue to recruit health workers from Ghana and other red-listed countries despite the directive.
Ghana was included on a list of 54 countries that should not be targeted for recruitment by health and social care employers in the UK due to a UHC Service Coverage Index lower than 50 and a density of doctors, nurses, and midwives below the global median.
Mr Tenkorang suggested that the government should provide better conditions of service in Ghana to make healthcare work attractive to nurses and prevent them from fleeing.
“The directive is much ado about nothing. The WHO came out with global code of practice on the international recruitment of health personnel. UK and most of these countries have virtually ignored that thing. It doesn’t stop individuals from applying directly to health centres or hospitals in UK to go and work. And currently that is what is ongoing. So it doesn’t solve any problem,” Mr Tenkorang said in an interview with Joy FM.
“What will solve the problem is very simple and I’ve made it clear to the government that they need to look at ways and means that they can be intentional about retaining the people, providing better condition of service in Ghana,” he suggested.
The Ministry of Health has appealed the directive, and discussions on a bilateral agreement with the UK government that will regulate the movement of Ghanaian health workers to the UK are ongoing.
“The ministry also appealed to WHO to have a review because one, we are in talks with UK government so we have a bilateral agreement. This in a way is going to regulate the migration of our nurses in this country,” he said.
The newspaper also says that transformative change is underway in the African automotive industry as trade begins under the African Continental Free Trade Area (AfCFTA), a new report by the World Economic Forum has indicated.
The continent’s auto industry, valued at $30.44 billion in 2021, is expected to grow to $42.06 billion by 2027 — a nearly 40% increase in value.
According to the report titled “a New Era for Global Business and Investment in Africa”, much of this growth can be serviced by local companies within the newly established free trade area.
Under the AfCFTA, over 1.3 billion people will be connected into a single market. For the automotive industry, that’s a significant opportunity.
International companies have found success in the automotive industry by partnering with African countries, signaling that the automotive sector is ripe for new and increased investment strengthened by the AfCFTA.
Across the continent, there is an average annual demand for 2.4 million motor cars and 300,000 commercial vehicles. This domestic demand — which is rising due to the continent-wide increase in disposable income, strong growth of the middle class and rapid urbanisation — is currently being met primarily by imported used vehicles.
However, domestic production has also been growing by an average of 7% annually over the past few years. Today, Morocco and South Africa are leading the way as major players in the automotive sector, making up 80% of African exports, with Algeria also experiencing rapid growth.
The AfCFTA unlocks several opportunities for African and global businesses in the automotive industry to seize, building upon strong foundations in a new era of frictionless African trade.
African automotive manufacturers will benefit from all the advantages of economies of scale; essential for the competitive manufacturing of automotives.
GIK/APA