Ghana’s 2024 GDP growth to slow, World Bank projects 3%

The World Bank is forecasting that Ghana’s economy in 2024 is anticipated to experience a deceleration in growth, despite the anticipation of improved economic activity.

This means that while there might be increased economic activity, the pace of growth is expected to slow down compared to previous periods.

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

This is almost in line with the 2.8% growth rate targeted by the government but suggests moderate economic growth for the country.

These World Bank projections were captured in its April 2024 Africa Pulse Report.

The report, however, indicated that, the GDP will jump significantly to about 5% in 2025.

Additionally, Ghana’s contribution to the regional GDP growth among the largest economies in the region is projected to be around 0.10%.

This suggests a relatively modest impact on the overall economic growth of the region from Ghana’s economy.

However there is a more positive outlook for Sub-Saharan Africa as a whole.

Economic growth in the region is expected to accelerate to 3.4% in 2024, with further improvement to an average rate of 3.9% in 2025-26.

This indicates a general trend of economic recovery and expansion across Sub-Saharan Africa during the specified period.

Despite the slowdown expected in Ghana, the overall regional outlook suggests a favourable trajectory for economic growth in Sub-Saharan Africa, which could be influenced by various factors including commodity prices, investment flows, and policy measures implemented by governments in the region.

The World Bank further called for several policy actions to foster stronger and more equitable growth. These include restoring macroeconomic stability, promoting inter-generational mobility, supporting market access, and ensuring that fiscal policies do not overburden the poor.