The International Monetary Fund projects that Ghana’s economy will grow by 3 percent by the end of 2024, according to the World Economic Outlook Report released in Washington, D.C., on Tuesday.

This forecast, shared during the IMF and World Bank meetings, is close to the government’s own projection of 3.1 percent GDP growth as outlined in the 2024 Budget.

Nonetheless, some IMF representatives hinted that these figures might be updated before year-end, as the World Economic Outlook had not entirely factored in recent economic changes.

A senior IMF official stated that, “We are optimistic that Ghana will perform better in terms of growth by the end of the year than we previously estimated.”

In its Africa Pulse Report released earlier this month, the World Bank estimated that Ghana's growth rate may hit 4 percent by the end of 2024.

This expected growth is linked to an increase in economic activities observed in the last two quarters of the year.

Initially, the World Bank had anticipated a growth rate of 3.1 percent for Ghana in 2024, but recent events prompted a revision of this forecast.

According to the same report, the IMF projected that Ghana's inflation rate would reach 19.5 percent by year-end, which is notably above the Bank of Ghana's target range of 13-17 percent.

Nevertheless, the IMF forecasts a decrease in inflation to 11.5 percent by the close of 2025, suggesting a move towards achieving single-digit inflation.

The World Bank’s Africa Pulse Report also predicts that inflation will reach 11.5 percent by the end of 2025.