IMF predicts 4.4 per cent growth for Ghana in 2025

Ghana’s economy is expected to grow by 4.4 per cent by the end of 2025. This was disclosed by the International Monetary Fund, IMF, in its latest Economic Outlook projection…

The International Monetary Fund, IMF, has projected a growth rate of 4.4 per cent for Ghana by the end of 2025.

This was contained in the IMF’s Global Economic Outlook released on the sidelines of the Annual World Bank/ IMF Spring Meetings in Washington DC USA.

The IMF in the report also projected that the West African country will end 2024 with a growth rate of 2.8 per cent. This is similar to what the government had forecast in the 2024 budget.

The World Bank, however, believes that growth will hit 2.9 per cent by the end of this year.

The IMF has been compelled to alter its projections for Ghana, arguing that the Ghanaian economy is exhibiting signs of significant recovery since signing up for the IMF plan.

The government, on the other hand, hopes to attain a greater than 3% growth rate by 2025.

In 2023, Ghana’s GDP expanded by 2.9%, according to figures given by the Ghana Statistical Service.

Ghana has failed to secure a workable debt deal with two bondholder groups in its push to restructure $13 billion of international bonds.

This dealt a blow to the cocoa, oil and gold producer efforts to swiftly emerge from default and economic crisis.

In December 2022, Ghana defaulted on most of its $30 billion external debt as it fell into an economic chaos.

It has since started to recover, with 2023 growth of 2.9% exceeding the IMF’s 2.3% forecast from January.