The April 2024 World Bank Africa Pulse Report indicates that Ghana's economy is expected to experience a slowdown in growth in 2024, despite anticipated improved economic activity.

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The report forecasts a Gross Domestic Product (GDP) growth of about 2.9% for Ghana in 2024, a decrease from nearly 5.0% in 2023 and an expected increase to 5.0% in 2025.

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Ghana, along with 14 other African countries, is projected to record a deceleration in growth in 2024. The country is also expected to contribute 0.10% to the regional GDP growth by the largest economies in the region.

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In contrast, growth in Sub-Saharan Africa is expected to accelerate to 3.4% in 2024 and further to an average rate of 3.9% in 2025–26.

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This rebound in growth is attributed to large countries in the region recording growth rates lower than their performance in the first two decades of the century.

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The report highlights that in 2024, growth is anticipated to accelerate in nearly 70% of Sub-Saharan African countries (32 countries). However, growth rates in about half of these countries (17 countries) are projected to be below their average growth in 2000–19.

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Ghana's economy recorded a 2.9% GDP growth in 2023, surpassing the revised 1.5% forecast by the Finance Ministry but slower than the 3.1% growth recorded in 2022. The Industry sector contracted by 1.2% in 2023, compared to 0.6% GDP growth in 2022, though it remains the largest sector of the economy. The decline in the Industry sector's GDP was primarily due to the 10.9% and 9.9% contractions in the Electricity and Construction subsectors, respectively, in 2023, with Mining and Quarrying being the only subsector that experienced growth (2.5%).

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