The African Development Bank Group (AfDB) has upgraded Ghana’s growth forecast, projecting a robust 3.4% for 2024 and an even more promising 4.3% for 2025, surpassing earlier predictions of 2.8% for the current year.

This revision reflects a stronger-than-expected economic resilience, driven by a blend of factors including service and industry growth, increased investment, and private consumption.

However, amidst this positive outlook, challenges loom. The aftermath of the COVID-19 pandemic and global geopolitical tensions, exemplified by Russia’s actions in Ukraine, cast shadows on Ghana’s economic prospects.

To catalyze structural transformation, the African Development Bank advises Ghana to address infrastructure challenges, expedite agro-industrialization, and strategically invest in value-added ventures.

These measures can enhance competitiveness and propel Ghana’s economic advancement.

Inflation is expected to remain outside the Bank of Ghana bound of 8 plus or minus 2 at 20.9% in 2024 and 11.1 in 2025.

Ghana’s real GDP growth decelerated from 3.8% in 2022 to 2.9% in 2023.