Standard Bank disagrees with IMF’s 2.8% GDP growth projection for Ghana; pegs growth at 3.2%
Africa’s biggest bank, Standard Bank has forecasted a robust 3.2% expansion for Ghana’s economy in 2024, outpacing the International Monetary Fund’s more conservative estimate of 2.8%.
Ghana’s expected 3.2% growth rate for 2024 is the 16th highest out of 18 countries examined by Standard Bank.
Emphasizing the pivotal role of the services sector, the forecast hints at a pivotal shift in Ghana’s economic dynamics. However, the nation faces formidable challenges, including adverse weather patterns, geopolitical tensions, and burgeoning debt levels, all of which threaten to impede sustained growth across Sub-Saharan Africa (SSA).
“Notably, unfavourable weather concerns, renewed geopolitical risks, and ongoing debt sustainability challenges constraining the fiscal capacity to spur growth, are the primary downside risks for economic growth in SSA [Sub Saharan Africa] for 2024,” said Standard Bank.
Ghana’s pre-pandemic GDP growth averaged 5% yearly.
Recent numbers from the Ghana Statistical Service show that the economy grew by 2.0% from July to September 2023, mostly because of more business in services and farming.
But that is less than the 2.7% growth in the same time in 2022.
