The International Monetary Fund (IMF) has revised Ghana’s 2024 growth rate projection from 3% to 4%, according to Abebe Aemro Selassie, Director of the IMF’s African Department. This adjustment follows new economic data and an IMF team review in Accra, which provided an updated assessment on Ghana’s economic performance. Selassie clarified that the initial 3% projection in the IMF’s World Economic Outlook (WEO), launched on October 23, 2024, was based on data available as of mid-April 2024. However, recent developments suggest stronger economic growth for the year.
The IMF’s upward revision aligns with the World Bank’s Africa Pulse Report, which also forecasted a 4% growth rate for Ghana, driven by increased economic activity in the latter half of the year. This stronger-than-expected growth indicates that economic reforms implemented under IMF guidance are starting to yield positive results, though challenges remain.
Selassie highlighted the importance of fiscal prudence and debt sustainability, particularly given the pressures of an election year, emphasizing that Ghana must avoid excessive spending to maintain economic stability. This revised forecast underscores optimism from both the IMF and World Bank about Ghana’s economic resilience, but with caution around ensuring sustainable growth.
