Headquarters of the International Monetary Fund (IMF)
The International Monetary Fund (IMF) has confirmed that Ghana’s economy outperformed projections in 2024, with the mining and construction sectors serving as primary growth engines.
The findings support earlier assertions by Minister of Finance, Dr Cassiel Ato Forson regarding the nation’s economic trajectory.
An IMF delegation led by Mission Chief Stéphane Roudet conducted a comprehensive review during their April 2-15, 2025, visit to Accra as part of Ghana’s Extended Credit Facility (ECF) program evaluation.
The team noted remarkable economic improvements, particularly in external sector performance.
“Growth in 2024 was higher than expected, underpinned by strong mining and construction activity. The external sector has seen a considerable improvement, driven by solid exports, particularly gold and, to a lesser extent, oil, and higher remittances.
“As a result, international reserves accumulation has far exceeded the ECF-supported program targets,” she stated.
This endorsement follows Dr Cassiel Forson’s March 11, 2025, parliamentary presentation of the 2025 Budget Statement, where he credited Ghana’s 5.7% GDP expansion to heightened mining sector activity, including both regulated operations and informal small-scale mining (galamsey).
The minister had specifically identified mining and quarrying as the principal catalyst for the country’s economic upswing.
ID/MA
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