The World Bank projects a deceleration in Ghana’s economic growth for 2024, despite expectations of increased economic activity.
This indicates that while there may be an increase in economic activity, the rate of growth is forecasted to slow down compared to previous periods.
The World Bank has also estimated that Ghana’s Gross Domestic Product (GDP) growth rate by the end of the year will be approximately 3%. This closely aligns with the government’s targeted growth rate of 2.8%, suggesting moderate economic expansion for the country. These forecasts were outlined in the World Bank’s April 2024 Africa Pulse Report.
However, the report predicts a significant surge in GDP to around 5% in 2025.
Furthermore, Ghana’s contribution to the regional GDP growth among the largest economies in the area is projected to be around 0.10%, indicating a relatively modest impact on the overall economic growth of the region.
Despite this, there is a more optimistic outlook for Sub-Saharan Africa as a whole. Economic growth in the region is anticipated to accelerate to 3.4% in 2024, with further improvements expected to reach an average rate of 3.9% in 2025-26. This suggests a general trend of economic recovery and expansion across Sub-Saharan Africa during the specified period.
While Ghana may experience a slowdown, the overall regional outlook indicates a positive trajectory for economic growth in Sub-Saharan Africa, influenced by various factors such as commodity prices, investment flows, and governmental policy measures.
The World Bank has also emphasized the need for several policy actions to promote stronger and more equitable growth. These include restoring macroeconomic stability, facilitating inter-generational mobility, enhancing market access, and ensuring that fiscal policies do not disproportionately burden the poor.
