Ghana’s Rebounding Economy Leads to Revision of 2024 Growth Forecast

Ghana’s finance minister, Mohammed Amin Adam, has announced a revised 2024 growth forecast of 3.1%, up from the previous 2.8%, as the country recovers from its worst economic crisis in a generation. Speaking to the national parliament on Tuesday, Adam attributed the positive outlook to successful debt restructuring and economic reforms. Ghana, the world’s second-largest cocoa producer, is working to restructure a $30 billion debt, leading to economic gains. Economic indicators are improving, with inflation expected to drop to 15% by the end of the year from 22.8% in June. According to the minister, the country’s budget deficit for the first half of the year stood at 3.4% of GDP. Economist Leslie Dwight Mensah noted that Ghana’s growth is closely tied to macroeconomic stabilization, and further strengthening is anticipated.

SOURCE: REUTERS