Ghana is projected to close 2024 with a 3% growth rate, according to the World Economic Outlook Report released on Tuesday during the IMF/World Bank meetings in Washington, D.C.
This projection aligns with the Government of Ghana’s forecast of 3.1% GDP growth, as outlined in the 2024 Budget.
However, some IMF officials have suggested that these figures may be revised before the end of the year, as the World Economic Outlook did not fully reflect recent economic developments.
“We are optimistic that Ghana will perform better in terms of growth by the end of the year than we previously estimated” a senior IMF official said.
In its Africa Pulse Report released earlier this month, the World Bank projected that Ghana’s growth rate could reach 4% by the end of 2024, driven by a surge in economic activity during the final two quarters of the year.
The World Bank initially forecasted a 3.1% growth rate for Ghana in 2024, but recent developments prompted the Bank to revise its outlook upward.
In the same report, the IMF projected an end-of-year inflation rate of 19.5% for Ghana, well above the Bank of Ghana’s target range of 13-17%.
The IMF also forecasts that inflation could fall to 11.5% by the end of 2025, signaling progress toward single-digit inflation.
Similarly, the World Bank’s Africa Pulse Report anticipates inflation to reach 11.5% by the close of 2025.