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Saturday, May 25, 2024

IMF projects almost 5% growth rate for Ghana in 2025

The International Monetary Fund (IMF) has projected a robust growth of 4.4% for Ghana in 2025.

This forecast marks 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.

It underscores the growing optimism about Ghana’s positive economic trajectory.

This latest projection by the International Monetary Fund (IMF) positions Ghana ahead of some major economies in Africa in terms of growth rate for 2025.

The forecast surpasses the World Bank’s projection of 3.3 percent for the same period.

Ghana’s economic prospects remain promising according to the IMF despite facing various economic challenges, including high debt levels, double-digit inflation rates, and currency volatility post-COVID-19.

The IMF’s confidence in Ghana’s economy can be attributed to the ongoing IMF program, which aims to address several pressing issues to overall economic recovery.

The Fund has noted signs of a strong recovery following Ghana’s participation in the IMF program.

The latest forecast reflects a 1.6 percent increase from the IMF’s 2024 projection of 2.8 percent for Ghana, aligning closely with the government’s own year-end target.

However, the IMF anticipates a decline of -2.2 percent 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.

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