The IMF’s Global Economic Outlook, released during the Annual World Bank/IMF Spring Meetings in Washington DC USA on April 16, 2024, forecasts Ghana’s growth rate to reach 4.4% by the end of 2025.
Additionally, the report projects Ghana to achieve a growth rate of 2.8% by the end of 2024, in line with the government’s forecast outlined in the 2024 budget.
However, the World Bank believes that growth will hit 2.9 per cent by the end of this year.
Although no official reason has been given for this projection, sources close to the IMF have informed that the forecast is grounded in the reforms Ghana is implementing under the IMF program, which are significantly contributing to economic recovery.
The IMF also asserts that adherence to program conditions could accelerate the recovery beyond previous expectations.
The IMF’s projected 4.4 percent growth rate for Ghana in 2025 surpasses the World Bank’s forecast of 3.3 percent, as stated in its April 2024 Africa Pulse Report.
Analysts note the IMF’s optimism regarding Ghana’s economic recovery compared to the World Bank’s outlook for 2025.
Nevertheless, the World Bank anticipates Ghana’s GDP growth rate to exceed 5 percent in 2026, signaling a return to pre-pandemic levels.