Ghana’s Economy Grows by 4.7% in Q1-2024
Ghana’s economy grew by 4.7% year-on-year in the first quarter of 2024, up from 3.8% in the previous three-month period. It was the strongest growth rate since the last quarter of 2021, driven by robust performance of industry and service sectors.
Gross domestic product grew 4.7% in the three months through March from a year earlier, compared with 3.8% in the prior quarter, the country’s Statistician Samuel Kobina Annim told reporters in the capital, Accra, on Tuesday.
In its outlook for 2024, World Bank said the country’s growth is expected to remain weak in 2024 at 2.8 % as the ongoing fiscal consolidation, high inflation rates, elevated interest rates, and lingering macroeconomic uncertainties are all projected to dampen private consumption and investment.
However, growth will gradually rebound to its long-term potential of approximately 5% by 2026 as prevailing conditions stabilize, World bank projected.
It said the fiscal deficit would further drop to 5% of GDP in 2024 due to the ongoing fiscal consolidation reforms and the external debt restructuring.
By 2026, the authorities expect to generate a primary surplus of 1.6 % of GDP, a fiscal adjustment exceeding 4 percentage points of GDP between 2023 to 2026.
Poverty in Ghana is expected to change little between 2024 and 2025 and is expected to come down slowly by 2026, World Bank said in its review. NUPRC Extends 2024 Licencing Bid Registration by 10-Day
