The World Bank forecasts Ghana’s Gross Domestic Product (GDP) growth for 2024 to be 2.9%.
In its June 2024 Global Economic Prospects report, the World Bank highlighted that economic activities in the country continued to be restrained, primarily due to the dampening effects of fiscal consolidation and high inflation on domestic demand.
Nevertheless, the international financial institution anticipates a substantial increase in Ghana’s GDP growth from 2.9% to 4.4% in 2025.
The World Bank attributes this projected growth to the gradual fruition of ongoing fiscal revenue and expenditure reforms.
“Growth is expected to improve in Ghana in 2025, after weak growth in 2024, as ongoing fiscal revenue and expenditure reforms gradually bear fruit. However, current account deficits in industrial-commodity exporters are expected to widen further.”
The World Bank projects Ghana’s Gross Domestic Product (GDP) growth for 2024 at 2.9%.
In its June 2024 Global Economic Prospects report, the World Bank noted that economic activities in the country remained subdued, reflecting the dampening effects of fiscal consolidation and high inflation on domestic demand.
However, the international financial institution predicts that Ghana’s GDP growth will significantly surge from 2.9% to 4.4% in 2025.
The report read, “Growth in the region’s three largest economies [Nigeria, South Africa, Egypt] is expected to accelerate from 1.8% in 2023 to 2.4% in 2024 and an average of 2.6% in 2025-26. However, this is markedly below the region’s average growth, and historical trends.”