Ghana and 9 other African countries projected to have the lowest economic growth in 2024
Ghana has been grouped among ten (10) African countries projected to have the lowest real GDP growth rates for 2024 by the International Monetary Fund (IMF).
Ghana, per projections by the IMF, is expected to see its economy expand by some 2.7% in 2024.
According to the IMF in its October World Economic Output report, GDP growth of developing and emerging market economies is expected to moderately fall from 4.1% in 2022 to 4.0% in 2023 and 2024.
Additionally, global inflation is expected to gradually decrease as a result of tighter monetary policy supported by decreasing international commodity prices from 6.9% in 2023 to 5.8% in 2024.
Ghana’s subdued real GDP growth rate for 2024 is on the back of its current macroeconomic crisis resulting from its unsustainable debt due to over-borrowing and the loss of its access to the international capital markets.
The country is currently under an IMF-supported programme aiming to restructure some $10bn of its $29bn external debts after successfully re-structuring over GHS 203bn ($16.9bn) in domestic debt.
Among the ten (10) African countries projected to record low GDP growth for 2024, Equatorial Guinea will have the lowest growth rate of -5.5%.
| Rank | Country | Economic performance in % |
|---|---|---|
| 1. | Equatorial Guinea | -5.5 |
| 2. | Sudan | 0.3 |
| 3. | South Africa | 1.8 |
| 4. | Tunisia | 1.9 |
| 5. | Lesotho | 2.3 |
| 6. | São Tomé and Príncipe | 2.4 |
| 7. | Central African Republic | 2.5 |
| 8. | Gabon | 2.6 |
| 9. | Ghana | 2.7 |
| 10 | Namibia | 2.7 |
Meanwhile, African countries such as Niger, Senegal, Libya, Rwanda, Cote d’Ivoire, Burkina Faso and Benin are projected to be among the fastest-growing economies in the World.
Macao SAR and Guyana in the Asia Pacific and Americas respectively, are projected to be the two fastest-growing economies in the world recording 27.2% and 26.6% real GDP growth in 2024.
