Fitch Solution predicts that Ghana’s economy will accelerate to 3.7 percent growth in 2024, indicating that the country is on the road to recovery.
According to a report by Fitch, as consumer activity rises, the potential improvement in growth rate will reduce pricing pressures due to more favorable exchange rate dynamics.
However, due to rising inflation and fiscal restraint under the nation’s IMF program, which drags down domestic demand, Fitch Solutions maintained its prediction that the Ghanaian economy would grow by 3.0 percent in the 2023 fiscal year.
It predicted that rising demand for imported products and services will gradually boost economic growth in 2024.
However, increased economic activity will slow down the nation’s economic growth and reduce its trade surplus.
Other economic variables, according to Fitch Solutions, were expected to have a modest outlook, with inflation expected to decline from 40.5 percent in 2023 to 18.9 percent in 2024.
It claimed that statistical base effects, such as prior monetary tightening and more favorable exchange rate dynamics, were to blame for the mild forecast.
