The African Development Bank Group (AfDB) has revised Ghana’s growth forecast, projecting a robust 3.4% for 2024 and an even more promising 4.3% for 2025. This upgrade surpasses earlier predictions of 2.8% for the current year, reflecting stronger-than-expected economic resilience driven by growth in the service and industry sectors, alongside increased investment and private consumption.
Despite this positive outlook, challenges remain. The aftermath of the COVID-19 pandemic and global geopolitical tensions, such as Russia’s actions in Ukraine, continue to cast shadows on Ghana’s economic prospects.
To catalyze structural transformation, the AfDB advises Ghana to address infrastructure challenges, expedite agro-industrialization, and strategically invest in value-added ventures. These measures are essential to enhance competitiveness and propel Ghana’s economic advancement.
However, inflation is expected to remain outside the Bank of Ghana’s target range of 8% ± 2, with projections at 20.9% for 2024 and 11.1% for 2025. Ghana’s real GDP growth decelerated from 3.8% in 2022 to 2.9% in 2023, highlighting the need for strategic economic interventions.
