The World Bank Group

The World Bank has confirmed Ghana's GDP growth forecast for 2024 at 2.9%, as detailed in its June 2024 Global Economic Prospects report. The report highlights that economic activity in Ghana remains subdued due to the dampening effects of fiscal consolidation and high inflation on domestic demand. Growth is anticipated to improve to 4.4% in 2025 as fiscal revenue and expenditure reforms begin to yield positive results. The report states, "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…

The latest Food Security Update report from the World Bank forecasts that food prices will persist at elevated levels throughout 2024. The report highlights the prevalence of high inflation in low, middle, and high-income countries during 2023. The Washington-based lender revealed that 63.2% of low-income countries experienced inflation rates exceeding 5% in 2023, marking a 1.3% increase from the previous update in January 2023. Additionally, the report noted that 73.9% of lower-middle-income countries and 48% of upper-middle-income countries faced inflation above 5%, with no percentage change since the last update. In high-income countries, 44.4% reported food inflation surpassing 5%, indicating…