Tuesday, May 21

IMF Forecasts Robust 4.4% Growth for Ghana in 2025

The International Monetary Fund (IMF) has projected a robust growth of 4.4% for Ghana in 2025, marking a significant increase from the 2.8% growth projected for 2024. The IMF made this announcement in its latest April World Economic Outlook at the ongoing spring meetings in Washington DC.

This forecast underscores the growing optimism about Ghana’s positive economic trajectory and positions the country ahead of some major economies in Africa in terms of growth rate for 2025. The projection surpasses the World Bank’s projection of 3.3% for the same period.

Despite facing various economic challenges, including high debt levels, double-digit inflation rates, and currency volatility post-COVID-19, Ghana’s economic prospects remain promising according to the IMF. The confidence in Ghana’s economy can be attributed to the ongoing IMF program, which aims to address several pressing issues for overall economic recovery.

The IMF has noted signs of a strong recovery following Ghana’s participation in the program, with the latest forecast reflecting a 1.6% increase from the IMF’s 2024 projection of 2.8% for Ghana, aligning closely with the government’s own year-end target.

However, the IMF anticipates a decline of -2.2% in Ghana’s current account balance, which measures trade and financial activities in the country. Despite this, the IMF maintains that the overall outlook for Ghana’s economic growth is set for a significant rebound from next year.