Ghana’s Economy Growing Above Potential at 6% – IMF

The International Monetary Fund (IMF) has described Ghana’s current economic growth rate as a strong indicator of recovery, noting that the country’s economy is expanding beyond its estimated potential.

Speaking on The Point of View with Bernard Avle on Monday, November 3, IMF Resident Representative to Ghana, Dr. Adrian Alter, revealed that the Fund’s assessment places Ghana’s potential growth at around 5 percent in real terms.

“So the team has estimated potential growth for Ghana at about 5% in real terms. Now, the fact that we are now above potential at 6%, it’s basically a good signal,” Dr. Alter stated.

He explained that the higher-than-expected growth reflects a robust rebound from past economic challenges and signals renewed investor and business confidence.

“It means that the economy is recovering strongly from the past underperformance. And with this rebound, you would expect more jobs to come into the economy,” he noted.

Dr. Alter added that sustained macroeconomic stability would continue to attract more investment, leading to increased employment opportunities and higher revenue generation.

“With the stability of the macro environment, you would expect more investments to flood the economy. So hopefully that will generate more jobs and more revenue,” he said.

Ghana’s economy has seen renewed momentum in recent quarters, supported by easing inflation, strengthened fiscal discipline, and relative stability in the exchange rate under the IMF-supported recovery programme.

The Fund’s latest assessment underscores growing confidence in Ghana’s economic outlook as reforms under the Extended Credit Facility (ECF) continue to take effect.