In a positive development for Ghana’s economy, the International Monetary Fund (IMF) has projected a robust growth rate of 4.4% for the country in 2025.
This forecast marks a significant increase from the 2.8% growth projected for the year 2024.
The IMF made this announcement during its latest April World Economic Outlook at the ongoing Spring meetings in Washington DC.
The projection underscores the growing optimism about Ghana’s positive economic trajectory.
Ghana’s economic growth rate for 2025 surpasses the World Bank’s projection of 3.3% for the same period.
This places Ghana ahead of some major economies in Africa in terms of growth rate.
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 IMF program.
The latest forecast reflects 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.
Ghana’s projected growth rate for 2025 brings hope for the country’s economic future and showcases its potential as an emerging market in Africa. With ongoing efforts to address economic challenges and implement reform measures, Ghana aims to maintain its positive momentum and attract investment, ultimately leading to sustained growth and development.
By Vincent Kubi