The Ghanaian government has set a target of 2.8 percent in gross domestic product (GDP) growth in 2024.
Ghanaian Finance Minister Ken Ofori-Atta made this projection while presenting the annual budget for the 2024 fiscal year to the legislative house, adding that the economy has been responding to reforms started in May. “We expect overall real GDP to expand by at least 2.8 percent and an end-period inflation rate of 15.0 percent.”
These targets were based on the overall macroeconomic objectives of the reforms being implemented backed by a loan of 3 billion U.S. dollars from the International Monetary Fund (IMF), Ofori-Atta said.
The minister described the country’s economic prospects as encouraging as the government has seen an improvement in revenue mobilization and slower spending, saying the 3.2 percent GDP expansion in the first half of this year is a strong signal of a rebounding economy.
Ghana has been suffering economic woes over recent years. In May, the country secured the IMF loan, hoping to revive its economy.