A new report by the World Bank has projected a 2.8% Gross Domestic Product (GDP) growth of 2.8% for Ghana in 2024.

The forecast was captured in the January 2024 World Bank Global Economic Prospects 2024.

In the 2024 Budget, the Government of Ghana also projected a growth rate target of 2.8%.

The World Bank report further showed that the economy will pick up strongly in 2025, with growth projected at 4.4%.

There are also projections that the country may record a higher economic growth in 2023 after third quarter data showed the economy grew above target.

IMF on Ghana’s economic growth

The IMF is also projecting a 2.7% growth for Ghana in 2024.

The IMF in 2023 told Joy Business it will revise Ghana’s growth target for 2023.

This is because the current indicators showed that the economy is doing better than projected under the IMF programme.

World Bank on Global Economic Prospects 2024

The World Bank in the Global Economic Prospects 2024 noted that global growth is set to slow further this year amid tight monetary policy, restrictive financial conditions, and feeble global trade and investment.

It added that the downside risks include an escalation of the recent conflict in the Middle East, financial stress, persistent inflation, trade fragmentation, and climate-related disasters.

The report pointed out that global cooperation is needed to provide debt relief, facilitate trade integration, tackle climate change, and alleviate food insecurity.

Among emerging market and developing economies (EMDEs), commodity exporters continue to grapple with fiscal policy procyclicality and volatility.

Across all EMDEs, proper macroeconomic and structural policies, and well-functioning institutions, are critical to help boost investment and long-term prospects.