The Institute of Statistical, Social, and Economic Research (ISSER) has projected that Ghana's service sector will experience significant growth of three percent in the 2024 fiscal year.
This projection surpasses ISSER's 2023 expectation of 1.8 percent, and the sector is also expected to see further growth to five percent in 2025.
In its 2022 State of the Ghanaian Economy report, ISSER highlighted the service sector's resilience despite the ongoing economic challenges facing the nation.
Professor Peter Quartey, Director of ISSER, noted that the sector is anticipated to gain substantial benefits from the recently concluded IMF deal and is expected to remain a cornerstone of overall economic growth.
The report emphasizes that the sector's resilience in the upcoming year will result from the positive outcomes of government initiatives in Information and Communication Technology (ICT).
This long-term initiative aims to prepare beneficiaries for emerging opportunities in the digital space, cultivate their interest in Science, Technology, Engineering, and Mathematics (STEM), and foster entrepreneurial skills.
Additionally, ISSER pointed out that other government initiatives, such as plans to regulate the migration of nurses to the United Kingdom (UK), will contribute to the growth of the service sector.
Furthermore, the implementation of the US$3 billion International Monetary Fund (IMF) loan-support programme is expected to boost investor confidence and have a positive impact on domestic tourism, solidifying the service sector's position as a vital component of overall economic growth.