The IMF projects that Ghana will end 2024 with a growth rate of 3%, according to the World Economic Outlook Report released in Washington, D.C., on Tuesday during the IMF/World Bank meetings.
This aligns with the Government of Ghana’s forecast of a 3.1% GDP growth rate as stated in the 2024 Budget.
IMF’s Growth Projections for Ghana
However, some IMF officials have indicated to JoyBusiness that these growth figures may be revised before the year’s end, as the World Economic Outlook did not fully account for recent economic developments.
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
The World Bank, in its Africa Pulse Report released earlier this month, projected that Ghana’s growth rate could reach 4% by the end of 2024. This is attributed to a surge in economic activity during the last two quarters of the year.
Initially, the World Bank had forecasted a 3.1% growth rate for Ghana in 2024, but recent developments have led the Bank to revise its outlook.
IMF’s Inflation Outlook for Ghana
The IMF, in the same report, projected an end-of-year inflation rate of 19.5% for Ghana. This is significantly higher than the Bank of Ghana’s target range of 13-17%.
However, the IMF also predicts that inflation could drop to 11.5% by the end of 2025, indicating progress towards achieving single-digit inflation. The World Bank’s Africa Pulse Report similarly expects inflation to reach 11.5% by the end of 2025.
Latest Stories
-
UK visa services in Ghana are now available through VFS Global
5 mins -
Mahama Ayariga: NDC MPs ready to return if Speaker issues recall
20 mins -
I aim to make life easier for Ghanaians if elected as President – Bawumia
23 mins -
Answer to Parliament’s impasse lies at the Supreme Court – Dr Asah-Asante
31 mins -
We need negotiated settlement to resolve standoff in Parliament – Dominic Ayine
58 mins -
Today’s front pages: Wednesday, October 23, 2024
1 hour -
NPP Minority staged a walkout, let the records reflect so – Francis-Xavier Sosu
1 hour -
We’ll trigger a recall of Parliament – Afenyo-Markin announces
2 hours -
‘The presidency is no more valued as it used to be’ – Hassan Ayariga
2 hours -
WAEC assures efforts are underway to release withheld BECE results
2 hours -
Bawumia vows to address youth unemployment through digital economy initiatives
2 hours -
Claim for parliamentary majority: Haruna Iddrisu says there is a constitutional stalemate
2 hours -
‘Diplomacy is key’ – Speaker Bagbin’s handling of Parliament praised by Tony Aidoo
2 hours -
Women at the top will boost world peace – Kristalina Georgieva
2 hours -
Let us use industry forum to promote cybersecurity culture – Ursula Owusu-Ekuful
2 hours