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Fitch Solution has forecasted that Ghana’s economy will experience an acceleration in growth, reaching 3.7 percent in 2024. This prediction signals a positive trajectory for the country’s economic recovery.
According to Fitch’s report, the expected increase in consumer activity will contribute to this growth by alleviating pricing pressures, driven in part by more favorable exchange rate dynamics.
Nevertheless, Fitch Solutions has maintained its earlier projection that the Ghanaian economy would grow by 3.0 percent in the 2023 fiscal year. This is due to factors such as rising inflation and fiscal restraint resulting from the nation’s IMF program, which has put downward pressure on domestic demand.
The report also anticipates that growing demand for imported goods and services will gradually stimulate economic growth in 2024. However, this increased economic activity may result in a slowdown in the nation’s economic growth and a reduction in its trade surplus.
Fitch Solutions suggests that other economic indicators are expected to have a moderate outlook, with inflation projected to decrease from 40.5 percent in 2023 to 18.9 percent in 2024. This decline is attributed, in part, to statistical base effects, including previous monetary tightening measures and more favorable exchange rate dynamics, which have influenced the relatively mild forecast.
Source: Omanghana.com
