The outlook for the Ghanaian economic system is favorable within the quick to medium time period, Deloitte has acknowledged in its West Africa Financial Outlook.
Nonetheless, it mentioned, there are draw back dangers emanating from the forthcoming common elections in December, excessive inflation, and elevated rates of interest, all of that are weighing on personal consumption and funding spending in 2024.
“The outlook for the Ghanaian economic system is favorable within the quick to medium time period. Nonetheless, there are draw back dangers emanating from the forthcoming common elections in December, excessive inflation, and elevated rates of interest, all of that are weighing on personal consumption and funding spending in 2024. Nonetheless, a sooner tempo of restoration is anticipated from 2025 onward, pushed by an anticipated decline in shopper costs, which can set off an additional minimize in rates of interest”.
As well as, the skilled providers agency, mentioned, mining output is estimated to rise, supported by elevated output from the recommissioned Bibiani gold mine and manufacturing from the Ahafo North gold mine.
“The nation’s cocoa output—one of many principal drivers of the economic system—will encounter volatility on account of weather conditions, smuggling, ailments (cacao swollen shoot virus and the black pod, as an illustration), and international commodity value fluctuations”, it pressured.
Ghana has stronger progress prospects than Nigeria
Ghana, in comparison with Nigeria, seems to have stronger progress prospects.
Its economic system grew by 4.7% year-on-year within the first quarter of 2024, pushed by fast 6.8% year-on-year progress within the industrial sector.
The agriculture and providers sectors grew at a slower tempo of 4.1% and three.3% year-on-year, respectively. The nation is recovering from a debt-induced disaster, following the federal government’s ongoing restructuring of its $30 million debt.
The implementation of financial coverage measures by the Financial institution of Ghana, Deloitte mentioned, has additionally helped scale back inflation.