The African Development Bank (AfDB) is projecting a modest 2.8% growth rate for Ghana in 2024, from the estimated 1.5% forecast in 2023.

This will be the lowest in West Africa in 2024.

According to the Bank, the modest growth reflects the ongoing fiscal consolidation and high inflation weighing on household budget.

It disclosed this today February 16, 2024, at Addis Ababa, Ethiopia, in its Africa’s Macroeconomic Performance and Outlook 2024

“In Ghana, growth is projected to rise from an estimated 1.5% in 2023 to 2.8% in 2024, with modest growth reflecting the ongoing fiscal consolidation and high inflation weighing on household budget”.

The forecast by the African Development Bank is in line with that of the Government of Ghana.

According to AfDB, the ongoing International Monetary Fund programme will impact the private sector and household consumption. This will limit their spending.

Again, the price of goods and services will remain high.

In West Africa, Ghana and Nigeria will be the two countries that will grow below the region’s average of 4.0%. Nigeria’s economy will expand by 2.9%.

Meanwhile, Niger will record the highest growth rate of 11.2% in Africa in 2024 aided by hydrocarbon production and exports.