World Bank affirms Ghana’s 2.9% GDP growth rate for 2024
The World Bank has maintained its 2.9% gross domestic product growth rate for Ghana in 2024.
The Bretton Wood Institution in its June 2024 Global Economic Prospects report, anticipates further growth in the nation’s GDP to 4.4% in 2025.
The anticipated growth is despite subdued economic activity which is reflective of the dampening effects of fiscal consolidation and high inflation on domestic demand.
“Growth is expected to improve in Ghana in 2025, after weak growth in 2024, as ongoing fiscal revenue and expenditure reforms gradually bear fruit. However, current account deficits in industrial-commodity exporters are expected to widen further,” quipped the report.
The World Bank, however, pointed out that risks to the outlook are tilted to the downside with the downside risks including increasing global geopolitical tensions, especially an escalation of conflict in the Middle East; a further deterioration in regional political stability, and increased frequency and intensity of adverse weather events.
