Accra, Economist Professor Peter Quartey has expressed confidence that Ghana’s economy could outperform the growth projections set by the International Monetary Fund (IMF) and the World Bank for 2025, citing the nation’s resilience and strengthening economic fundamentals.
The IMF’s latest World Economic Outlook forecasts Ghana’s Gross Domestic Product (GDP) to grow by 4 per cent next year, slightly below the World Bank’s estimate of 4.3 per cent. Both institutions remain cautiously optimistic as the country continues to implement reforms under its ongoing economic recovery programme.
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However, Prof. Quartey, a former Director of the Institute of Statistical, Social and Economic Research (ISSER), believes Ghana is capable of achieving higher growth than projected.
“Certainly, the IMF and the World Bank are often cautiously optimistic; they don’t want to project such high numbers that you cannot achieve,” he said. “But as a country, oftentimes we have gone beyond their projections, all things being equal, and I believe we will go beyond the 4 per cent they are projecting.”
He noted that sustained fiscal discipline and structural reforms could unlock stronger performance, arguing that international financial institutions tend to adopt conservative estimates to avoid unrealistic expectations.
Nonetheless, Prof. Quartey cautioned that economic progress must not come at the cost of environmental sustainability, stressing that unchecked illegal mining continues to endanger Ghana’s natural resources.
“Our environmental growth accounting has to be taken seriously,” he warned. “You can grow by 10 per cent, but if you destroy your environment, water bodies, and poison your food sources, it is not something to celebrate.”
Prof. Quartey made the remarks in an interview with Citi Business News on the sidelines of a symposium held in honour of Emeritus Professor Ernest Aryeetey at the University of Ghana.
The event, themed “Placing Research at the Centre of Higher Education in Africa,” celebrated the legacy of Professor Aryeetey, a distinguished economist and former Vice-Chancellor of the university.
Appointed in 2010, Professor Aryeetey led wide-ranging reforms that strengthened research capacity, governance systems, and international partnerships. His tenure saw the expansion of graduate programmes, faculty development, and collaboration with leading global institutions, all anchored on his vision to transform the University of Ghana into a research-intensive university capable of driving national and continental development.
Professor Aryeetey championed the belief that higher education must serve as a catalyst for innovation, policy advancement, and sustainable growth, a philosophy that continues to inspire scholars and policymakers across Africa.
