{"id":266246,"date":"2024-12-16T11:16:07","date_gmt":"2024-12-16T11:16:07","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/16\/ghanas-growth-projected-to-gradually-increase-to-5-beyond-2024-imf\/"},"modified":"2024-12-16T11:16:07","modified_gmt":"2024-12-16T11:16:07","slug":"ghanas-growth-projected-to-gradually-increase-to-5-beyond-2024-imf","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/16\/ghanas-growth-projected-to-gradually-increase-to-5-beyond-2024-imf\/","title":{"rendered":"Ghana&#8217;s growth projected to gradually increase to 5% beyond 2024 \u2013 IMF"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/290\/29068556.295.jpg\" alt=\"IMF projects Ghana's growth to increase\" title=\"IMF projects Ghana's growth to increase\" width=\"295\" height=\"166\" \/> <span class=\"image_caption\"><span>IMF projects Ghana&#8217;s growth to increase<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">Beyond 2024, Ghana\u2019s Gross Domes\u00adtic Product (GDP) growth is projected to gradually increase to its potential level of about 5.0 per cent.<\/p>\n<p>This is consistent with many forecasts by international research institutions.<\/p>\n<p>According to the Interna\u00adtional Monetary Fund (IMF) Country Report on Ghana, the macroeconomic outlook remains positive.<\/p>\n<p>Notwithstanding head\u00adwinds from the continued fiscal consolidation and the ongoing dry spell, the Fund said the strong outturn for 2024 quarter 2 real GDP growth points to greater-than-expected underlying growth.<\/p>\n<p>Hence, it revised its growth projection for 2024 upward to 4.0 per cent (3.1 per cent at the 2nd Economic Credit Facility (ECF) review).<\/p>\n<p>The Fund also projected that inflation would reach 18 per cent by end-2024 (revised up from 15 per cent), mainly reflecting price pressures from a weaker cedi and the dry spell.<\/p>\n<p>\u201cContinued tight monetary policy will bring inflation back to the Bank of Ghana\u2019s target band (8\u00b12 per cent) by end-2025,\u201d the Fund said.<\/p>\n<p>Further progress on fiscal consolidation and the completion of the debt restructuring, it ex\u00adplained would ensure that Ghana\u2019s public debt is firmly on a sustain\u00adable trajectory.<\/p>\n<p>Also, the current account deficit is projected to remain in balance until 2026, while inter\u00adnational reserves would reach 3 months of import coverage.<\/p>\n<p>Nevertheless, the IMF re\u00advealed that the downside risks to the outlook remained high.<\/p>\n<p>On the external side, it point\u00aded out that an intensification of regional conflicts, and spillovers from the conflicts in Ukraine and the Middle East, or commodity price volatility would negatively impact Ghana through higher im\u00adported inflation and risk aversion.<\/p>\n<p>\u201cIf protracted, weak cocoa harvest could affect exports and growth prospects. More generally, Ghana is subject to risks related to climate shocks. On the domes\u00adtic side, policy slippages ahead of the end-2024 general election or during the political transition could undermine macroeconom\u00adic stability, deteriorate domestic financing conditions and the debt dynamics, and complicate debt restructuring discussions with Ghana\u2019s remaining external com\u00admercial creditors, it indicated.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IMF projects Ghana&#8217;s growth to increase Beyond 2024, Ghana\u2019s Gross Domes\u00adtic Product (GDP) growth is projected to gradually increase to its potential level of about 5.0 per cent. This is consistent with many forecasts by international research institutions. According to the Interna\u00adtional Monetary Fund (IMF) Country Report on Ghana, the macroeconomic outlook remains positive. Notwithstanding [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":210746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-266246","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana&#039;s growth projected to gradually increase to 5% beyond 2024 \u2013 IMF - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/12\/16\/ghanas-growth-projected-to-gradually-increase-to-5-beyond-2024-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana&#039;s growth projected to gradually increase to 5% beyond 2024 \u2013 IMF - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"IMF projects Ghana&#8217;s growth to increase Beyond 2024, Ghana\u2019s Gross Domes\u00adtic Product (GDP) growth is projected to gradually increase to its potential level of about 5.0 per cent. 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