However, these figures remain below the pre-COVID-19 pandemic average of 5%, reflecting persistent economic challenges.

The World Bank has also revised Ghana’s Gross Domestic Product (GDP) growth projection for 2024 downward to 4.0% from its initial 4.8% estimate in the October 2024 Africa Pulse Report which aligns with the International Monetary Fund’s (IMF) forecast.

The World Bank cautioned that risks to Ghana’s economic outlook remain skewed to the downside. Among key concerns are a sharper-than-expected slowdown in China, escalating geopolitical tensions—particularly in the Middle East—and worsening political instability in East Africa and the Sahel.

Additionally, prolonged inflationary pressures could keep global interest rates elevated, further straining highly indebted economies.

The increasing frequency of extreme weather events also poses risks, with potential implications for poverty levels across Sub-Saharan Africa (SSA).

Meanwhile, economic growth in SSA is estimated to have improved from 2.9% in 2023 to 3.2% in 2024, though this remains 0.3 percentage points below earlier projections due to ongoing conflicts in Sudan and other country-specific challenges that hindered recovery.

With these uncertainties, policymakers face mounting pressure to implement strategies that bolster economic resilience and sustain long-term growth.