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 are expected to widen further.”
Despite the optimistic outlook for 2025, the World Bank warns that risks remain skewed to the downside. These risks include escalating global geopolitical tensions, particularly in the Middle East, deteriorating regional political stability, and the increasing frequency and intensity of adverse weather events.
Source: www.ghanaweb.live
