The World Bank has projected an end-of-year Gross Domestic Product (GDP) growth rate of about 3% for Ghana which is close to government’s target of 2.8%.
This projection connotes that the country will have moderate economic growth.
This forecast comes despite the anticipation of improved economic activity.
The World Bank however projects Ghana’s economy to grow more slowly in 2024, even though there will be more economic activity.
The World Bank suggests that actions like stabilizing the economy, promoting mobility between generations, improving market access and making sure taxes don’t hurt the poor can be put in place by government to help with economic growth.
These World Bank projections are captured in its April Africa Pulse Report which indicated that the GDP will jump significantly to about 5% in 2025.
In comparison to other big economies in the region, Ghana’s contribution to overall economic growth is expected to be around 0.10% however, Sub-Saharan Africa as a whole is expected to see a better economic growth rate with a 3.4% increase in 2024 and an average of 3.9% in 2025-2026.
Even though Ghana might not grow as fast as hoped, the overall outlook for growth in Sub-Saharan Africa looks positive and may be influenced by investments, government policies and commodity prices.
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Source: Comfort Sweety Hayford/ATLFMENWS
