Ghana’s economy is expected to slow down in growth in 2024 despite an expected improved economic activity, the April 2024 World Bank Africa Pulse Report has revealed.
The report is forecasting about 2.0% Gross Domestic Product (GDP) growth for Ghana in 2024, lower than and nearly 5.0% in 2025.
According to the report, Ghana and 14 other African countries are expected to record a slowdown in growth in 2024.
Similarly, the country is expected to contribute 0.10% to the regional GDP Growth by the largest economies in the Region.
In 2024, growth in Sub-Saharan Africa is expected to accelerate to 3.4 percent and further to an average rate of 3.9% in 2025–26.
Meanwhile, the report said the rebound in growth in Sub-Saharan Africa is driven by large countries in the region recording growth rates that are lower than their performance over the first two decades of this century.
In 2024, the World Bank said growth is expected to accelerate in nearly 70% of Sub-Saharan African countries (32 countries). However, growth rates are below their average growth in 2000–19 in about half of them (17 countries).
Ghana’s economy recorded 2.9% GDP in 2023
Ghana’s economy recorded a 2.9% Gross Domestic Product (GDP) growth in 2023, stronger than the revised 1.5% by the Finance Ministry.
The growth rate is slower than the 3.1% recorded in 2022.
According to the data from the Ghana Statistical Service, the Industry sector contracted by 1.2%, compared to 0.6% GDP in 2022. It however remains the biggest size of the economy.
The 10.9% and 9.9% contraction of the Electricity and Construction subsectors in 2023 caused the decline in the GDP of Industry. Mining and Quarrying (2.5%) was the only subsector that recorded a growth rate.