IMF projects 3% growth rate for Ghana by end of 2024

The IMF projects that Ghana will end 2024 with a growth rate of 3%, according to the World Economic Outlook Report released in Washington, D.C., on Tuesday during the IMF/World Bank meetings.

This aligns with the Government of Ghana’s forecast of a 3.1% GDP growth rate as stated in the 2024 Budget.

IMF’s Growth Projections for Ghana

However, some IMF officials have indicated to JoyBusiness that these growth figures may be revised before the year’s end, as the World Economic Outlook did not fully account for recent economic developments.

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.”

World Bank’s Projections for Ghana’s Growth

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.

IMF’s Inflation Outlook for Ghana

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.