Member of Parliament for Old Tafo Constituency, Vincent Ekow Assafour, has hailed the country’s 2024 economic growth as a clear victory over the International Monetary Fund’s (IMF) projections.
Taking to Facebook, Assafour confidently declared, “It is settled! Ghana’s economy performed better than IMF’s projected and revised targets in 2024.”
This upbeat announcement comes on the heels of the IMF’s own admission that Ghana’s economy has outpaced its forecasts.
Initially, the IMF projected Ghana’s GDP growth for 2024 at a modest 2.8%. However, as the year progressed and fresh data emerged, the IMF revised its outlook twice—first to 3.1%, then to an impressive 4%.
These upward revisions reflect Ghana’s robust economic recovery, driven by strategic reforms and prudent fiscal management under the ongoing $3 billion IMF Extended Credit Facility (ECF) program.
Stéphane Roudet, IMF Mission Chief for Ghana acknowledged that Ghana’s economy grew more than anticipated in 2024, driven largely by robust performance in the mining and construction sectors. He also noted a significant improvement in the country’s external position, thanks to strong export performance particularly in gold and increased remittances.
“Growth in 2024 was higher than expected, underpinned by strong mining and construction activity. The external sector has seen a considerable improvement, driven by solid exports particularly gold and to a lesser extent oil and higher remittances. As a result, international reserves accumulation has far exceeded the ECF-supported program targets.”
Despite these positive developments, the IMF observed a sharp decline in program performance toward the end of 2024. Fiscal slippages ahead of the general elections led to a substantial accumulation of payables, while inflation overshot program targets and several key reforms were delayed.
“Notwithstanding these achievements, overall performance under the IMF-supported program deteriorated markedly at end-2024. Preliminary fiscal data point to slippages in the run-up to the 2024 general elections, on account of a large accumulation of payables. Inflation exceeded program targets. Several reforms and policy actions were delayed across the fiscal, financial, and energy sectors.”
The announcement follows a mission led by Mr. Stéphane Roudet, IMF Mission Chief for Ghana, which took place in Accra from April 2 to April 15, 2025.
Source :www.kumasimail.com /Kwadwo Owusu
