The World Bank has forecasted a 2.8% Gross Domestic Product (GDP) growth for Ghana this year – 2024. The projection by the Bretton Wood Institution was captured in the January 2024 World Bank Global Economic Prospects report.
The Bank’s projection is the same as that of the Government’s 2.8% GDP growth in the 2024 Budget presented to Parliament last November. 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 higher economic growth in 2023 after third-quarter data showed the economy grew above target. Meanwhile, the IMF is also projecting a 2.7% growth for Ghana in 2024.
This is because the current economic indicators show the economy is doing better than projected under the IMF programme.
On the global scale, the World Bank in the Global Economic Prospects 2024 report 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.