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Ghana’s economy is set to grow by 4.2% in 2025 and 4.8% in 2026, according to the World Bank’s January 2025 Global Economic Prospects report.
However, these projections remain below the pre-pandemic average of 5%, highlighting persistent economic challenges.
In a significant adjustment, the World Bank has revised Ghana’s 2024 Gross Domestic Product (GDP) growth forecast downward to 4.0% from its earlier estimate of 4.8% in the October 2024 Africa Pulse Report.
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This aligns with the International Monetary Fund’s (IMF) outlook, reflecting a tempered economic trajectory for the country.
The World Bank has warned that Ghana’s economic outlook faces considerable risks. Among these are a potential sharper-than-expected slowdown in China, rising geopolitical tensions in the Middle East, and political instability in East Africa and the Sahel, all of which could dampen economic performance.
Additionally, sustained inflationary pressures could lead to prolonged high global interest rates, further straining Ghana’s debt-laden economy.
The increasing frequency of extreme weather events also threatens long-term stability, with far-reaching consequences for poverty reduction efforts across Sub-Saharan Africa (SSA).
Regionally, SSA’s economic growth is estimated to have improved from 2.9% in 2023 to 3.2% in 2024. However, this still falls 0.3 percentage points short of earlier forecasts, largely due to the ongoing conflict in Sudan and other localised economic disruptions.
Amid these challenges, Ghanaian policymakers face the critical task of fostering economic resilience. Strengthening fiscal discipline, promoting private sector investments, and advancing infrastructural development will be key to navigating global uncertainties and sustaining long-term growth.
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