The International Monetary Fund (IMF) forecasts Ghana’s debt-to-GDP ratio will rise to 83% by the end of 2024, as highlighted in its latest fiscal monitor report released during the ongoing annual meetings in Washington, D.C. The IMF projects a steady decline in this ratio over the next five years, reaching 69.7% by 2029, based on expected improvements in Ghana’s fiscal health.
Ghana’s current debt stands at over GHS 760 million, approximately 75% of GDP. The government aims to reduce this figure to a 50% debt-to-GDP ratio by 2028, through its debt exchange program and measures to mitigate exchange rate fluctuations.
The IMF also reaffirmed Ghana’s 2024 economic growth projection at 3.1%, aligning with the government’s target and reflecting progress in the fight against inflation. IMF Chief Economist Pierre-Olivier Gourinchas emphasized a “triple pivot” approach, calling for easing monetary policy, rebuilding fiscal reserves, and advancing structural reforms to promote resilience and economic growth amidst global risks.
