The World Bank anticipates Ghana’s Gross Domestic Product (GDP) to grow by approximately 3% by the end of 2024, as outlined in the April 2024 edition of the World Bank Africa Pulse report.
This growth rate signifies a deceleration compared to previous years, despite indications of economic activity and stability following challenges experienced in 2022 and 2023.
The World Bank also predicts a slowdown in Ghana’s growth trajectory for 2024, aligning with the government’s announced target of 2.8% GDP growth rate.
However, there is optimism for the future, with the report forecasting a significant rise in Ghana’s GDP to around 5% in 2025.
In terms of regional contribution to economic growth among the largest economies, Ghana’s GDP growth is expected to be approximately 0.10%, indicating a relatively modest impact on the overall regional economic landscape.
Nevertheless, the Africa Pulse report presents a positive outlook for Sub-Saharan Africa, with economic growth projected to accelerate to 3.4% in 2024 and further improve to an average rate of 3.9% in 2025 and 2026.
The report also offers recommendations for policy measures aimed at fostering equitable economic growth.
These include restoring macroeconomic stability, promoting intergenerational mobility, facilitating market access, and ensuring that fiscal policies do not disproportionately burden the poor and vulnerable segments of society.