The World Bank has revised Ghana’s GDP growth projection for 2024 to 4.0%, a notable reduction from its earlier estimate of 4.8% in the October 2024 Africa Pulse Report.
The new forecast aligns with the International Monetary Fund’s (IMF) outlook, which also anticipates a 4.0% growth rate for the Ghanaian economy this year.
Looking ahead, the World Bank expects Ghana’s economy to expand by 4.2% in 2025 and 4.8% in 2026, though these figures remain below the country’s pre-pandemic average of 5%.
The institution warns that risks to Ghana’s economic outlook remain tilted to the downside, citing global uncertainties such as a slower-than-expected Chinese economic recovery, escalating geopolitical tensions—particularly in the Middle East—and heightened instability in East Africa and the Sahel region.
Persistent global inflation and elevated interest rates could further compound Ghana’s economic challenges, especially given its high debt burden.
Additionally, climate-related risks could exacerbate poverty levels across Sub-Saharan Africa (SSA).
Meanwhile, regional economic growth is expected to recover, with SSA’s GDP rising from 2.9% in 2023 to 3.2% in 2024.
However, this remains 0.3 percentage points lower than earlier projections, as ongoing conflicts in Sudan and economic challenges in several countries continue to weigh on recovery prospects.
