The IMF has forecasted a 3% growth rate for Ghana by the end of 2024, as highlighted in the World Economic Outlook Report released during the IMF/World Bank meetings in Washington, D.C., on Tuesday.
This projection closely matches the Ghanaian government’s own estimate of a 3.1% GDP growth rate, as outlined in the 2024 Budget.
IMF’s Growth Projections for Ghana
However, some IMF officials informed JoyBusiness that these growth projections could be updated before the year concludes, as the World Economic Outlook did not fully factor in recent economic events.
A senior IMF official stated, “We are optimistic that Ghana will perform better in terms of growth by the end of the year than we previously estimated.”
World Bank’s Projections for Ghana’s Growth
In its Africa Pulse Report published earlier this month, the World Bank projected that Ghana’s growth rate might reach 4% by the end of 2024, driven by an increase in economic activity during the final two quarters of the year.
Originally, the World Bank had estimated a growth rate of 3.1% for Ghana in 2024, but recent developments prompted a revision of its forecast.
IMF’s Inflation Outlook for Ghana
In the same report, the IMF projected that Ghana’s inflation rate will reach 19.5% by the end of the year. This figure is considerably above the Bank of Ghana’s target range of 13-17%.
Nonetheless, the IMF forecasts that inflation may decrease to 11.5% by the end of 2025, suggesting a move toward single-digit inflation. Similarly, the World Bank’s Africa Pulse Report anticipates that inflation will also reach 11.5% by the end of 2025.