Ghana’s economy is expected to grow by 4.5 percent in 2024, according to a new projection by the Institute of Statistical Social and Economic Research (ISSER). This forecast, released at the launch of the State of the Ghanaian Economy Report and the third-quarter economic review, outpaces the International Monetary Fund’s (IMF) recent upward revision from 3 percent to 4 percent.
Prof. Peter Quartey, Director of ISSER, shared optimism over Ghana’s economic path, noting the potential to exceed IMF expectations. He stressed the importance of targeted expenditure management, particularly in procurement and payroll, advocating for digital payroll systems to streamline costs. “Our growth outlook remains promising. The IMF has projected 4 percent growth, but I believe we can achieve 4.5 percent,” Prof. Quartey stated.
Prof. Quartey emphasized the need to prioritize agriculture and industrial sectors, which hold significant potential for job creation. He also cautioned against unchecked government spending, advocating for a revised fiscal responsibility law that would include a debt ceiling to keep deficit and debt within sustainable limits.
The ISSER report recommended enhanced revenue collection through digitalization, urging the government to focus on agricultural investment to curb soaring food inflation. “Reducing inflation and exchange rate depreciation will lower the cost of living,” Prof. Quartey added, highlighting the need for the Planting for Food and Jobs (PFJ) 2.0 initiative to support the agricultural value chain for lasting impact.
ISSER’s latest projection underscores the importance of balanced fiscal management, sustainable debt practices, and targeted sectoral investments as Ghana seeks to achieve higher economic growth.
