The World Bank’s April 2024 Africa Pulse Report has projected that despite the anticipation of improved economic activity, Ghana’s economy will experience a deceleration growth in 2024.
This suggests that although there might be a rise in economic activity, the growth pace might slow down compared to previous periods.
In the report, the Bretton Wood Institution also projected an end-of-year Gross Domestic Product (GDP) growth rate of about 3% for Ghana.
The rate is synonymous with government’s target of 2.8% but suggests moderate economic growth for the country.
In 2025, however, the report says Ghana’s GDP will see a significant rise to about 5%.
Additionally, Ghana’s contribution to the regional GDP growth among the largest economies in the region is projected to be around 0.10%. This suggests a relatively modest impact on the overall economic growth of the region from Ghana’s economy.
However, there is a more positive outlook for Sub-Saharan Africa as a whole.
Economic growth in the region is expected to accelerate to 3.4% in 2024, with further improvement to an average rate of 3.9% in 2025-26.
This indicates a general trend of economic recovery and expansion across Sub-Saharan Africa during the specified period.
Despite the slowdown expected in Ghana, the overall regional outlook suggests a favourable trajectory for economic growth in Sub-Saharan Africa, which could be influenced by various factors including commodity prices, investment flows, and policy measures implemented by governments in the region.
The World Bank further called for several policy actions to foster stronger and more equitable growth. These include restoring macroeconomic stability, promoting inter-generational mobility, supporting market access, and ensuring that fiscal policies do not overburden the poor.
