According to the International Monetary Fund (IMF), Ghana's economic growth is expected to surpass 1.5% by the close of 2023.
The IMF further predicts that the country's Gross Domestic Product (GDP) growth rate will accelerate to 2.7% in 2024, presenting a positive outlook for the West African nation.
An IMF Spokesperson confirmed this information in a correspondence with the Ghana News Agency after a revision of Ghana's economic growth, which was initially projected at 1.2%.
The revised projections are based on more recent data and the strong performance of the world's largest gold producer during the first two quarters of 2023, averaging a growth rate of 3.2%.
The IMF also stressed that to maintain or enhance this growth trajectory, Ghana should focus on restoring macroeconomic stability and creating a more favorable environment for private sector investment.
The World Bank is projecting a 1.5% and 2.8% growth for Ghana in 2023 and 2024, while Fitch Solutions, a global rating firm, anticipates a 3.0% and 3.7% growth in 2023 and 2024, respectively.
The rating firm attributes these positive developments in the Ghanaian economy to monetary tightening and favorable exchange rate dynamics as consumer activities have strengthened.
Last Friday, Ghana reached a Staff-Level Agreement with the IMF regarding economic policies and reforms after the first review of the three-year US$3 billion Extended Credit Facility (ECF)-supported program.
This successful review is expected to pave the way for the release of approximately US$600 million in financing upon approval by the IMF Executive Board.
Mr. Ken Ofori-Atta, Minister of Finance, expressed confidence in the country's economic path, highlighting signs of macroeconomic recovery and stability.
Notable achievements included an average GDP growth of 3.2% for the first two quarters of 2023, reduced headline inflation, and a depreciation of the Cedi, all pointing toward a promising future.
While uncertainties about global economic recovery persist, Ghana remains optimistic about its economic prospects.
- Reporting by Francis Ntow: Editing by Adewale Adejoke
