The International Monetary Fund (IMF) has unveiled a notably optimistic forecast for Ghana’s economic growth, projecting a robust expansion of the economy by 4.4% in 2025.
This bullish outlook on the economy is captured in the IMF’s April 2024 World Economic Outlook report.
According to the IMF, this bullish outlook is firmly anchored in the comprehensive reforms that Ghana has been implementing under the IMF programme.
The institution believes that the adherence to the programme’s conditions has significantly bolstered the country’s economic recovery, potentially accelerating growth beyond their initial projections.
The IMF’s growth forecast for 2024 also remains positive, with a projected growth rate of 2.9%. This figure closely aligns with the 2.8% growth rate anticipated by the Government in its 2024 budget.
The positive growth projections by the IMF come as the Ghanaian economy shows strong signs of recovery since the country signed up for the IMF programme. The reforms undertaken by Ghana under the programme have been cited as a key driver behind the optimistic growth forecasts.
In 2023, Ghana’s economy expanded by 2.9%, according to data released by the Ghana Statistical Service. Buoyed by the positive outlook and the momentum generated by the ongoing reforms, the government aims to achieve a growth rate of more than 3% in 2025, signaling its confidence in the economic recovery trajectory.
The coming year will be crucial in determining whether Ghana can achieve the optimistic growth projection put forward by the IMF.
Meanwhile, Ghana’s economy is projected to cross the GHS 1 trillion mark in nominal value terms next year – 2025.
Source: Norvanreports