Ghana’s economic outlook for 2025 is promising, with a projected robust growth rate of 4.4 percent, as forecasted by the International Monetary Fund (IMF).
This prediction marks a significant increase from the previously projected growth rate of 2.8 percent for 2024.
The IMF announced this forecast during its latest April World Economic Outlook at the ongoing IMF-World Bank Spring Meetings in Washington DC, USA, underscoring growing optimism about Ghana’s economic trajectory.
Notably, Ghana’s projected economic growth rate for 2025 surpasses that of some of its counterparts in Sub-Saharan Africa, signaling positive signs of recovery from the economic impacts of unsustainable debt levels, inflationary pressures, and currency volatility following the COVID-19 pandemic.
However, the IMF anticipates a decline in Ghana’s current account balance, projected at -2.2 percent. Despite this, the IMF maintains a positive outlook for Ghana’s economy, anticipating a rebound in 2025.
In December 2022, Ghana faced one of its severest economic downturns, defaulting on payments for most of its external debt totaling $30 billion. Consequently, the country was excluded from international capital markets and turned to domestic treasury bill markets for borrowing.
Under its 17th IMF bailout program, Ghana recently reached a staff-level agreement with the IMF Mission team on April 13, 2024, for a second review, paving the way for a third installment of bailout funds amounting to $360 million.
During a joint press conference held in Accra, IMF Mission Chief to Ghana, Stephane Roudet, urged Ghanaian authorities to negotiate a deal with commercial and bilateral creditors for the IMF Management and Executive Board to approve the next disbursement.