The International Monetary Fund IMF is projecting that Ghana’s Economy will grow by 2.7% in 2024.

In its latest World Economic Outlook report, the fund is also projecting that country’s average inflation for next year will be 23.2% while the year ends with a December inflation of 15.0%.

The Global economy according to the IMF is expected to grow by 2.9% lesser than the 3.0% projected growth for this year.

Sub-sahara and developing economies are both expected to grow by an average of 4.0% significantly higher than Ghana’s 2.7% projection as it currently struggles to find it’s feet under an IMF programme.

The IMF in October 2022 had projected the Ghanaian economy in 2023 would grow by 3.6% but revised it downward to 1.6% in its April 2023 outlook and 1.5% in its July 2023 Outlook.

On inflation, the IMF in October 2022 had projected the country to end 2023 with an inflation of 20.9% but revised it upward to 45.4% in its April 2023 outlook.

Ghana’s Economy per figures from the Statistical Service grew by 3.3% and 3.2% in the first and second quarters of this year with inflation for August 2023 pegged at 40.1%

The IMF however per its latest October 2023 outlook is projecting Ghana to end the year with a growth rate of 1.2% and a average year inflation of 42.2%. The IMF expects Ghana to end 2023 with a December inflation of 31.3%

Source: Ghana/ Kojo