The International Monetary Fund (IMF) has projected a 3% growth rate for Ghana’s economy by the end of 2024, according to its latest World Economic Outlook report, released during the IMF/World Bank meetings in Washington, D.C.

This forecast closely aligns with the Ghanaian government’s own estimate of 3.1% growth, as outlined in the country’s 2024 Budget.

However, some IMF officials have hinted that these figures could be revised in light of recent economic developments. Speaking to JoyBusiness, one senior official expressed optimism, saying, “We are hopeful that Ghana will achieve stronger growth by year-end than our earlier projections indicated.”

Meanwhile, the World Bank has offered a more optimistic outlook. Its recent Africa Pulse Report suggested that Ghana’s growth could reach 4% by the end of 2024, driven by a rise in economic activity in the latter half of the year. The World Bank had initially forecast a 3.1% growth rate but revised its predictions in response to recent positive developments.

On the inflation front, the IMF has projected that Ghana’s inflation rate will close at 19.5% by the end of this year, which remains above the Bank of Ghana’s target of 13-17%. However, the IMF and the World Bank both expect inflation to drop to 11.5% by the end of 2025, indicating progress towards stabilising prices and achieving single-digit inflation.

Source:TheDotNews