The International Monetary Fund (IMF) has predicted a growth rate of 4.4 percent for Ghana by the end of 2025, as revealed in its Global Economic Outlook released during the Annual World Bank/IMF Spring Meetings in Washington DC, USA, on April 16, 2024.
The IMF’s report also predicts Ghana to achieve a growth rate of 2.8 percent by the end of 2024, in line with the government’s forecast outlined in the 2024 budget. Conversely, the World Bank anticipates growth to reach 2.9 percent by the close of the year.
While no official explanation has been provided for these projections, sources close to the IMF attribute them to the reforms underway in Ghana under the IMF program, which are bolstering economic recovery efforts. The IMF suggests that adhering to program conditions could expedite Ghana’s recovery beyond initial estimates.
The IMF’s 4.4 percent growth projection for Ghana in 2025 exceeds the World Bank’s estimate of 3.3 percent for the same period, as indicated in its Africa Pulse Report released in April 2024. This discrepancy underscores the IMF’s optimism regarding Ghana’s economic rebound.
However, the World Bank foresees Ghana’s GDP growth rate surpassing 5 percent in 2026, indicating a return to pre-pandemic levels.
The IMF’s revised projection for Ghana reflects its assessment of the country’s robust recovery, particularly since joining the IMF program. The government aims for a growth rate exceeding 3 percent in 2025.
In 2023, Ghana’s economy expanded by 2.9 percent, according to data from the Ghana Statistical Service.
Source: Ghanaweb