Fitch Solutions has stuck with its 2024 growth forecast for Ghana at 4.3%, which is higher than the International Monetary Fund’s 2.9% estimate and the government’s 3.1% prediction.
The London-based firm believes Ghana’s economy will grow more than expected. They attribute this to strong consumer spending and a positive outlook for the oil and gas sector. Mike Kruiniger from Fitch Solutions said the economy will be boosted by these factors.
He noted that Ghana’s oil industry is recovering, especially with new projects at the Jubilee and Ten fields. Although inflation stood 22.8 in June of 2024, Fitch Solutions expects it to drop to 19.5% by the end of the year, higher than government target of 15%. This decrease is expected due to changes in economic statistics and increased government spending before the December elections.
Fitch Solutions also predicts that investment in fixed assets will continue to grow in 2024.
