The IMF has projected the country’s Gross Domestic Product, (GDP) growth at a rate of 4 percent for 2024, according to the World Economic Outlook Report released in Washington, D.C., last week during the IMF/World Bank meetings.
The new forecast is is slightly higher than the government’s forecast of a 3.1% GDP growth for 2024.
A senior IMF official stated, “We are optimistic that Ghana will perform better in terms of growth by the end of the year than we previously estimated.”
The World Bank, in its Africa Pulse Report released earlier this month, projected that Ghana’s growth rate could reach 4% by the end of 2024. This is attributed to a surge in economic activity during the last two quarters of the year.
Initially, the World Bank had forecasted a 3.1% growth rate for Ghana in 2024, but recent developments have led the Bank to revise its outlook.
The IMF, in the same report, projected an end-of-year inflation rate of 19.5% for Ghana. This is significantly higher than the Bank of Ghana’s target range of 13-17%.
However, the IMF also predicts that inflation could drop to 11.5% by the end of 2025, indicating progress towards achieving single-digit inflation. The World Bank’s Africa Pulse Report similarly expects inflation to reach 11.5% by the end of 2025.
