The International Monetary Fund (IMF) has projected that Ghana’s economy will grow by 3% by the end of 2024, according to its World Economic Outlook Report, released during the IMF/World Bank meetings in Washington, D.C. on Tuesday. This aligns closely with the Government of Ghana’s own forecast of 3.1% GDP growth, as outlined in the 2024 Budget.
However, some IMF officials have hinted to JoyBusiness that these projections may be updated later in the year to reflect recent economic developments. A senior IMF official noted, “We are optimistic that Ghana’s growth could exceed our initial estimate by the year’s end.”
Meanwhile, the World Bank, in its Africa Pulse Report released earlier this month, has raised its forecast for Ghana’s 2024 growth to 4%, citing an increase in economic activity in the last two quarters of the year. The World Bank had initially predicted 3.1% growth but revised its outlook based on these developments.
In the same report, the IMF predicted Ghana’s inflation rate to close at 19.5% in 2024, which is notably higher than the Bank of Ghana’s target range of 13-17%. However, the IMF expects inflation to decrease to 11.5% by the end of 2025, signaling progress towards single-digit inflation. The World Bank’s Africa Pulse Report also forecasts inflation to drop to 11.5% by 2025, aligning with the IMF’s outlook.
