The government of Ghana on Tuesday announced the upward revision of its growth target in 2024 to 3.1 percent, up from the previous 2.8 percent, as reforms continue to yield positive results.
Finance Minister Mohammed Amin Adam announced this during the presentation of the 2024 Mid-Year Fiscal Policy Review in Parliament, adding that the 4.7 percent expansion in the first quarter was an indication that growth would be higher than earlier targeted.
It is evident that we are on the right trajectory. The economy is rebounding stronger than we expected, said Adam.
“The overall real gross domestic product (GDP) growth rate is revised upward from 2.8 percent to 3.1 percent,” the minister announced.
He added that the reforms had resulted in the reversal of most of the negative trends, giving the economy a more positive outlook.
“Growth continues to exceed our expectations. Inflation is declining, and the 15 percent end-of-year inflation rate target is achievable,” Adam added.
The minister’s announcement was in line with similar revisions of GDP growth by the International Monetary Fund (IMF) early in July and another by the World Bank on Monday.
The World Bank said in its eighth economic update for Ghana, launched on Monday, that the country’s economy has made progress after a year of reform implementation.
“Over the past year, Ghana has made steady progress toward economic stabilization, tackling the severe macroeconomic imbalances that peaked in 2022,” the World Bank said in the report titled “Strengthening Domestic Revenue Systems for Fiscal Sustainability.”
In late June, the IMF executive board authorized the release of an additional 360 million U.S. dollars to Ghana. This was the third payout to the country, bringing the total disbursement Ghana received to 1.56 billion dollars from the 3-billion-dollar loan approved by the IMF in May last year to support the country’s reforms.