The International Monetary Fund (IMF) has revised Ghana’s GDP growth forecast for 2024 from 2.8% to 3.1%, citing the country’s impressive economic recovery under the IMF program.
Stéphane Roudet, IMF mission chief to Ghana, announced the upgrade at a joint press conference with the Bank of Ghana and the Finance Ministry.
The revision comes after the approval of the third tranche of the US$3 billion bailout package, amounting to US$360 million.
Roudet attributed the positive adjustment to signs of economic stabilization, a faster-than-expected decline in inflation, and improvements in fiscal and external positions.
While acknowledging potential downside risks related to the upcoming general elections, he expressed optimism about the medium-term outlook and the success of the IMF-supported program.
The IMF mission chief recognized the economic challenges facing Ghana but emphasized the importance of adhering to the proposed reforms, highlighting the improvement in key economic indicators as evidence of progress.
He urged Ghanaians to focus on the positive direction of the country’s economic trajectory, despite the frustrations of currency depreciation.