The International Monetary Fund (IMF) has announced its economic growth projections for 2024, spotlighting both Ghana and the United Arab Emirates (UAE) during the IMF/World Bank meetings held in Morocco on Tuesday. The IMF predicts that Ghana's economy will grow at a rate of 2.7% in 2024, an improvement from the 1.2% growth rate recorded in 2023. Meanwhile, the UAE is expected to see a robust expansion, with its real GDP projected to increase from 3.4% in 2023 to 4% in the following year.
Despite Ghana's projected growth, it lags behind other Sub-Saharan nations such as Nigeria and Ivory Coast, which have growth rates of 3.2% and 6.6%, respectively. Ghana faces economic challenges including high debt, inflation, and currency instability. To address these issues, the IMF has proposed initiatives like a contentious domestic debt exchange program. This program, however, has sparked public concerns due to its potential impact on the nation's economy.
Despite these difficulties, key figures such as Dr. Ernest Addison and Finance Minister Ken Ofori-Atta remain confident in the government's ongoing reforms and fiscal policies. These are aimed at restoring investor confidence and achieving sustainable growth in the country.
Turning to the UAE, the IMF and World Bank also anticipate a reduction in the country's current account balance from representing about 8.2% of GDP in 2023 to approximately 7.7% in 2024.
The economies across the Middle East and Central Asia are expected to grow by 2% in 2023 and 3.4% in 2024. Saudi Arabia's economy is projected to stand out with a growth rate of 4% within this period. The growth rates for oil exporting and importing nations are also predicted to rise, hitting 2.2% and 1.8%, respectively, in 2023.
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