Economist Daniel Amarteye Anim has challenged the World Bank’s latest projection for the country’s economic growth in 2024.
The World Bank‘s Africa Pulse Report, published in April 2024, forecasts a modest 2.0% GDP growth for Ghana, revising an earlier estimate of 2.8% by the Bretton Woods Institution. This would see Ghana contribute just 0.10% to sub-Saharan Africa’s projected growth of 3.4% in 2024.
However, speaking on Asaase Radio’s 12 O’clock Report on Tuesday (9 April), Anim was optimistic that Ghana’s growth will outperform the World Bank’s prediction. While acknowledging the credibility of the World Bank report, he anticipates a growth rate of at least 2.5% by year-end.
“I don’t have any doubt in respect of the report by the World Bank,” Anim said.
“My view is that we may end up doing around 2.5%. If you recall earlier, I think the African Development [Bank] projected about 2.8%, and considering the improved economic activities within our economy for which the Bank of Ghana alluded to, it is my view that if the trend should continue, we should be able to do around 2.5+. I am of the view sincerely that we may do better than the 2.0% as projected by the World Bank.”
Anim pointed to signs of a recovering macroeconomic environment and gradual inflation reduction as factors that could boost growth.
He emphasised the importance of continued government efforts in restructuring the economy and managing fiscal space, particularly in the lead-up to an election year.
“If you look at the global economy and our economic recovery in terms of the trend, it is very difficult to be able to ascertain accurately in terms of the way forward for our economy,” Anim said.
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