World Bank pegs Ghana’s contribution to sub-Saharan Africa’s 2024 GDP growth at 0.1%
Ghana’s contribution to the expansion of the African Continent’s economy has been pegged at 0.1% by the World Bank.
Ghana’s economy is projected by the World Bank to grow by 2.9% this year – 2024 – marginally above the 2.8% GDP growth forecast by the Finance Ministry.
Growth on the African Continent the Bretton Wood Institution forecasts will rebound in 2024, rising from a low of 2.6% in 2023 to 3.4% in 2024 and subsequently 3.8% in 2025.
According to the World Bank, the recovery in Sub-Saharan Africa in 2024 is mostly due to the region’s major nations, whose growth rates are lower than those of the previous two decades.
“Sub-Saharan Africa’s rebound in 2024 is driven by large countries in the region recording growth rates that are lower than their performance over the first two decades of this century.
“In 2024, growth is expected to accelerate in nearly 70 percent of Sub-Saharan African countries (32 countries). However, growth rates are below their average growth in 2000–19 in about half of them (17 countries). The expansion of economic activity in the 10 largest countries in the region explains about 80 percent of the regional growth in 2024,” the World Bank noted.
Some African countries have a major impact on GDP growth and the future of Africa as the continent navigates its route toward sustainable development and economic success.
These nations effectively utilize their unique strengths, overcome obstacles, and seize opportunities, and in doing so will be crucial in assisting Africa’s transition to inclusive development and prosperity in 2024 and beyond.
Increased private consumption and declining inflation are supporting economic rebound on the Continent.
However, the recovery remains fragile due to uncertain global economic conditions, growing debt service obligations, frequent natural disasters, and escalating conflict and violence.
Here are the top 10 countries set to contribute the most to Africa’s GDP growth during the year.
| Rank | Country | Contribution to SSA GDP |
|---|---|---|
| 1. | Nigeria | 0.88% |
| 2. | Ethiopia | 0.39% |
| 3. | Kenya | 0.25% |
| 4. | Côte d’Ivoire | 0.23% |
| 5. | South Africa | 0.21% |
| 6, | Tanzania | 0.19% |
| 7. | Democratic Republic of Congo | 0.17% |
| 8. | Angola | 0.15% |
| 9. | Uganda | 0.12% |
| 10. | Ghana | 0.10% |
