Finance Minister Signals Optimism on Surpassing IMF’s 4% GDP Forecast for 2024
Finance Minister Dr. Mohammed Amin Adam has voiced confidence in Ghana’s economic trajectory following the IMF’s upward revision of the nation’s 2024 GDP growth projection to 4% from an earlier estimate of 3.1%.
Speaking at a press briefing after the conclusion of the IMF/World Bank Annual Meetings, Dr. Amin Adam highlighted Ghana’s substantial economic recovery gains this year, attributing the IMF’s optimistic adjustment to these improvements.
Dr. Amin Adam suggested that investments made by Government in key sectors such as agriculture, rural infrastructure, tourism, and ICT would bolster the nation’s growth momentum.
“We are not surprised by the Fund’s revision to 4%, given our investments in agriculture, rural infrastructure, tourism, and ICT, many of which are set to mature by year-end,” he stated, also emphasizing the significant investments made in SMEs as well.
The Finance Minister further conveyed optimism that these developments might lead to Ghana outperforming the IMF’s revised 4% GDP growth forecast for 2024.
Director of the African Department at the International Monetary Fund (IMF), Abebe Selassie, at the just-ended IMF/World Bank Annual Meetings made some clarifications pertaining to the end-2024 gross domestic product (GDP) growth rates projection for Ghana.
An IMF Mission led by Stéphane Roudet to undertake the second review of Ghana’s $3bn IMF Programme in July to enable the country to gain access to the third tranche of the loan facility, had revised Ghana’s GDP growth rate forecast from 2.8% to 3.1% by the end of 2024.
However, current data provided by the IMF at the IMF/World Bank Annual Meetings forecasts a 4% GDP growth rate for Ghana at the end of the 2024 fiscal year based on updated projections by the Fund.
“The 3.1% GDP growth forecast was submitted by IMF Mission to Accra in mid to late August as per the deadlines given by the IMF submission of data which was mid-October where we have done updates on the projections. And so as it stands now our projections for Ghana’s growth rate at end-2024 is 4%,” Mr Selassie remarked, speaking during a press briefing on Friday, October 25.
According to the IMF African Director, the upward adjustment of the GDP growth for Ghana at end-2024 is attributed to the reforms Ghana is implementing under the IMF programme, which are significantly aiding its economic recovery.
