Finance

IMF projects 3% end of year growth rate for Ghana

The Interna­tional Monetary Fund forecasts that Ghana will conclude the year 2024 with a growth rate of 3 percent, as stated in the World Economic Outlook Report published in Washington D.C., on Tuesday.

Published during the meet­ings of the IMF and World Bank, it aligns with the government’s forecast of a 3.1 per cent GDP growth rate as stated in the 2024 Budget.

However, some IMF offi­cials have indicated that these growth figures may be revised before the year’s end, as the World Economic Outlook did not fully account for recent economic developments.

A senior IMF official stated that, “We are optimistic that Ghana will perform better in terms of growth by the end of the year than we previously estimated.”

The World Bank, in its Africa Pulse Report released earlier this month, projected that Ghana’s growth rate could reach 4 per cent by the end of 2024.

This is attributed to a surge in economic activity during the last two quarters of the year.

Initially, the World Bank had forecasted a 3.1 percent growth rate for Ghana in 2024, but recent developments have led the Bank to revise its outlook.

The IMF, in the same report, projected an end-of-year inflation rate of 19.5 percent for Ghana. This is significantly higher than the Bank of Ghana’s target range of 13-17 percent.

However, the IMF also predicts that inflation could drop to 11.5 percent by the end of 2025, indicating progress towards achieving single-digit inflation.

The World Bank’s Africa Pulse Report similarly expects inflation to reach 11.5 percent by the end of 2025.

 

Source: ghanaiantimes.com.gh

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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