The International Monetary Fund has further lowered Ghana’s growth rate to 1.2%, from the July 2023 forecast of 1.6%.
This is the second time the Fund has revised Ghana’s Gross Domestic Product (GDP) growth for this year. In April 2023, the Fund predicted a 2.8% growth rate for Ghana in its World Economic Outlook (WEO) Report.
The World Bank had also slightly lowered the country’s growth rate forecast for this year to 1.5%, according to its October 2023 Africa Pulse Report.
The Fund again cited fiscal slippages as a result of high debt and budget deficit, reducing government spending in infrastructure and investments, as major reasons.