IMF projects 2.7% growth rate for Ghana in 2024

The International Monetary Fund (IMF) is projecting a high growth rate outlook for Ghana in 2024 despite the current economic headwinds.

The Fund on Tuesday October 10, 2023 released new figures at its IMF/World Bank annual meetings in Morocco which suggested a rather optimistic outlook for the country with a projected growth rate of 2.7 percent for 2024.

This represents a substantial improvement over the earlier projection of 1.2 percent for Ghana in 2023. The IMF had earlier projected a growth rate of 3.1 percent for 2022 but revised the figure downwards due to severe economic challenges coupled with inflation, cedi performance and among others.

Meanwhile, the IMF has projected that Nigeria, which is Africa's largest economy, will witness a growth rate of 3.2 percent in 2024, while cocoa producing Ivory Coast was tipped to witness a growth rate of 6.6 percent in 2024.

Since 2022, Ghana along with other Sub-Saharan countries have been saddled with vast economic challenges due to soaring inflationary pressures, currency instability, coups and unsustainable debt levels which have put a strain on most African economies.

Ghana, for instance had to seek financial bailout from the IMF consisting of $3 billion under an Extended Credit Facility for a three-year period.

The country has so far accessed the first tranche of the loan facility of $600 million and now awaits a second tranche of $600 million after reaching a Staff Level Agreement with the IMF following the conclusion of a first review on October 6, 2023.

Finance Minister, Ken Ofori-Atta has assured of government’s resolve in working tediously to stabilize the economy and restore confidence in the domestic and international markets.

IMF Projections: 2024

Angola????????: 3.3%
Côte d’Ivoire????????: 6.6%
DR Congo????????: 4.7%
Ethiopia????????: 6.2%
Ghana????????: 2.7%
Kenya????????: 5.3%
Nigeria????????: 3.1%
Rwanda????????: 7.0%
Senegal????????: 8.8%
South Africa????????: 1.8%
Tanzania????????: 6.1%
Uganda????????: 5.7%
Zambia????????: 4.3%

➡️ https://t.co/DynKoRFibt pic.twitter.com/9mQzqbu0TC

— IMF Africa (@IMFAfrica) October 10, 2023