The International Monetary Fund (IMF) has projected that Ghana will close 2024 with a 3% growth rate, according to the World Economic Outlook Report released during the IMF/World Bank meetings in Washington, D.C. This aligns closely with the Ghanaian government’s 2024 Budget forecast of a 3.1% GDP growth rate.
However, IMF officials indicated that these projections may be revised before the year’s end due to recent economic developments not fully reflected in the report. A senior IMF official told JoyBusiness, “We are optimistic that Ghana will perform better in terms of growth by the end of the year than we previously estimated.”
World Bank’s Revised Growth Outlook for Ghana
The World Bank, in its Africa Pulse Report, has raised its projection for Ghana’s 2024 growth rate to 4%, citing increased economic activity in the last two quarters of the year. Initially, the Bank had predicted a 3.1% growth rate but revised this forecast due to Ghana’s improving economic conditions.
Inflation Forecasts
The IMF also projected Ghana’s inflation rate to reach 19.5% by the end of 2024, higher than the Bank of Ghana’s target range of 13-17%. However, the IMF anticipates inflation will drop to 11.5% by the end of 2025, suggesting progress towards achieving single-digit inflation. The World Bank shares a similar outlook, also forecasting an 11.5% inflation rate for Ghana by 2025.
