The Institute of Statistical, Social and Economic Research (ISSER) has released an optimistic economic forecast for Ghana, projecting GDP growth of 4.0-4.5% based on strong Q1 and Q2 performance in 2024.

In its State of the Ghanaian Economy Report 2023 and Q3 2024 Review, ISSER highlights the positive outlook but underscores the need for strategic investments, particularly in agriculture and industry, to sustain this growth trajectory and bolster job creation in labour-intensive sectors.

“There is a pressing need to invest in sectors such as agriculture and industry—two labour-intensive sectors,” ISSER states.

Such investments could drive long-term development, reducing Ghana's reliance on external support and creating resilient economic foundations.

The report commends the government’s fiscal consolidation efforts under the current IMF program, which have stabilised the fiscal landscape.

To ensure long-term fiscal stability, ISSER recommends enacting a debt ceiling through updates to the Fiscal Responsibility Law, which would help control deficits and maintain debt at sustainable levels.

The report suggests further rationalizing expenditure, especially in procurement and compensation, by digitizing payroll systems to prevent leaks and inefficiencies.

It also emphasises the importance of tracking all government spending through the Ghana Integrated Financial Management Information System (GIFMIS), which would promote transparency and accountability across government institutions.

As Ghana looks toward achieving stable and inclusive growth, ISSER’s recommendations emphasize fiscal responsibility, strategic sectoral investments, and an expanded revenue base, which together could support a robust economic future for the nation.