World Bank projects slow GDP growth of 3% for Ghana in 2024

The World Bank has projected an end-of-year Gross Product Domestic (GDP) growth rate of about 3 percent for Ghana in 2024.

According to the latest World Bank Africa Pulse report for April 2024, the pace of the country’s economic growth is expected to slow down within the period as compared to previous years.

This is despite signs of economic activity and stability following headwinds experienced in 2022 and 2023.

The Bretton Woods institution also projects a deceleration of growth for Ghana in 2024.

The latest forecast by the World Bank is in line with the 2.8 percent growth rate target announced by the government.

The report further noted that Ghana’s GDP is expected to rise significantly to about 5 percent by 2025-2026.

On the regional front, Ghana’s GDP growth in terms of contribution among the largest economies is pegged around 0.10 percent.

This signals a rather modest impact on the overall economic growth of the region.

The World Bank Africa Pulse report however paints a positive picture for Sub-Saharan Africa with economic growth expected to accelerate to 3.4 percent in 2024.

This is further projected to improve to an average rate of 3.9 percent in 2025 and 2026.

The World Bank in its report made some recommendations for policy measures that seek to foster equitable economic growth.

These include; restoring macroeconomic stability, promoting inter-generational mobility, supporting market access, and ensuring that fiscal policies do not overburden the poor and vulnerable.

MA/SA

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