African Development Bank projects modest growth of 2.8% for Ghana in 2024
The African Development Bank (AfDB) has forecasted a modest growth rate of 2.8% for Ghana in 2024, a slight improvement from the estimated 1.5% recorded in 2023.
This projection places Ghana at the bottom of the growth ladder in West Africa for the upcoming year.
Citing ongoing fiscal consolidation efforts and persistently high inflation as key factors, the AfDB made the disclosure in Addis Ababa, Ethiopia, as part of its Africa’s Macroeconomic Performance and Outlook 2024 report.
The forecast echoes Ghanaian government estimates, indicating a consensus regarding the country’s economic trajectory.
The AfDB underscores the influence of the International Monetary Fund (IMF) program on Ghana’s private sector and household consumption, limiting spending across sectors.
“In Ghana, growth is projected to rise from an estimated 1.5% in 2023 to 2.8% in 2024, with modest growth reflecting the ongoing fiscal consolidation and high inflation weighing on household budget,” said the report.
Ghana and Nigeria are expected to fall below the West African region’s average growth rate of 4.0% in 2024, with Nigeria’s economy poised to expand by 2.9%.
Meanwhile, Niger emerges as the continent’s growth leader, anticipating a remarkable 11.2% growth rate in 2024, buoyed by hydrocarbon production and exports.
Amidst these projections, the AfDB’s report underscores the complex economic landscape shaping growth trajectories across Africa, reflecting both regional disparities and sector-specific challenges.
