The International Monetary Fund (IMF) has projected a 3% growth rate for Ghana in 2024, as highlighted in the World Economic Outlook Report released in Washington D.C. on Tuesday. This forecast coincides with the government’s own estimate of a 3.1% GDP growth rate mentioned in the 2024 Budget.

However, some IMF officials have suggested that these growth projections may be subject to revision by year-end, as recent economic events have not been fully reflected in the report.

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

Meanwhile, the World Bank’s Africa Pulse Report, issued earlier this month, has set a more optimistic growth forecast for Ghana, predicting a potential increase to 4% by the end of 2024.

This revision comes in light of a notable boost in economic activity observed in the latter half of the year.

The World Bank had initially anticipated a growth rate of 3.1% for Ghana, but has adjusted its outlook based on the latest developments.

In terms of inflation, the IMF's report anticipates a rate of 19.5% for Ghana by the end of this year, which exceeds the Bank of Ghana’s target range of 13-17%.

Nevertheless, the IMF forecasts a decline in inflation to 11.5% by the end of 2025, indicating a potential move towards single-digit inflation rates. Similarly, the World Bank’s Africa Pulse Report aligns with this projection, expecting inflation to also reach 11.5% by the close of 2025.