• Home
  • Business
  • Ghanaian economy to rebound in 2024- IMF anticipates
Image

Ghanaian economy to rebound in 2024- IMF anticipates

The International Monetary Fund (IMF) is anticipating a rebound in the Ghanaian economy in 2024 due to expected improve economic activities in the extractive sector.

IMF projects a 2.8% Gross Domestic Product for Ghana in 2023, but expects an increase in 2024.

Division Chief at the Research Department, Daniel Leigh, says the growth will slow this year due to the global headwinds which will affect the economy.

He says, “In Ghana, we do expect growth to slow this year. This is partly because of the global headwinds that Pierre Olivier has been discussing. So, it’s a difficult time for the global economy that affects Ghana but also, there are some domestic headwinds. In particular, inflation has increased significantly and so, the Central Bank is tightening monetary policy, but that is cooling the economy domestically. Plus, the fiscal policies are tightening to address the elevated debt.”

He added $3 billion dollars extended credit facility that Ghana is seeking from the IMF is aiming to re-establish macroeconomic stability, debt sustainability, and create the foundations for higher and inclusive growth over the medium-term.

Meanwhile, in sub-Saharan Africa, growth is projected to remain moderate at 3.8% in 2023 amid prolonged fallout from the COVID-19 pandemic, although with a modest upward revision since October, before picking up to 4.1% in 2024.

Related Posts

Ghana: GCX benefit 350,000 smallholder farmers

The Ghana Commodity Exchange (GCX) has ensured fair prices for more than 50,000 small-scale farmers who have participated…

Nigeria: SMEDAN, Sterling bank unveils N5 billion single interest loan for small businesses

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), in collaboration with Sterling Bank Ltd., introduced a…

Ghana: KIC opens call for Business Booster Program

Kosmos Innovation Center (KIC) in partnership with the Mastercard Foundation has announced the opening of call for applications…

Nigeria: Diageo to divest majority stake in Guinness Nigeria

British multinational alcoholic beverage company Diageo has agreed to sell its 58 percent majority shareholding in Guinness Nigeria…