IMF anticipates rebound in Ghana’s economy in 2024
The International Monetary Fund (IMF) has forecast a rebound in the Ghanaian economy in 2024, thanks to a boost in economic activities, particularly in the extractive sector.
According to the IMF, Ghana’s Gross Domestic Product is expected to reach 2.8% in 2023, but the growth rate is expected to improve the following year.
At the recent World Economic Forum in Davos, Switzerland, the Division Chief at the IMF’s Research Department, Daniel Leigh, spoke to the press about the forecast.
He stated that growth will slow down in 2023, partly due to global economic headwinds, as well as increased inflation and tightened monetary and fiscal policies.
However, in 2024, the rebound in extractive activities is expected to support Ghana’s economy.
The IMF is also providing a $3 billion extended credit facility to support Ghana’s efforts to reestablish macroeconomic stability and debt sustainability, and to lay the foundations for higher and inclusive growth over the medium-term.
In sub-Saharan Africa, the IMF predicts that growth will remain moderate at 3.8% in 2023, with a modest upward revision since October, and is expected to pick up to 4.1% in 2024.
