The World Bank has affirmed Ghana’s GDP growth forecast for 2024 at 2.9%, according to its June 2024 Global Economic Prospects report. 

Economic activity in Ghana remains subdued, reflecting the dampening effects of fiscal consolidation and high inflation on domestic demand. 

However, growth is expected to improve to 4.4% in 2025 as ongoing fiscal revenue and expenditure reforms begin to take effect.

“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,” the report states.

Despite this positive outlook, the World Bank highlighted that risks to the forecast are tilted to the downside. 

These risks include increasing global geopolitical tensions, especially any escalation of conflict in the Middle East, further deterioration in regional political stability, and an increased frequency and intensity of adverse weather events.

In a broader regional context, growth in Sub-Saharan Africa is projected to rise from 3.0% in 2023 to 3.5% in 2024, and around 4.0% annually in 2025-26. 

Growth in the region’s three largest economies—Nigeria, South Africa, and Egypt—is expected to accelerate from 1.8% in 2023 to 2.4% in 2024, and average 2.6% in 2025-26. However, this remains below the region’s average growth and historical trends.

Non-resource-rich economies are forecast to maintain growth above their historical average rate, while resource-rich economies are expected to recover from their slow growth in 2023 as metal prices stabilise.