IMF Projects Ghana’s Debt-to-GDP to Hit 83% in 2024, Decline to 69.7% by 2029
IMF
The International Monetary Fund (IMF) anticipates Ghana’s debt-to-GDP ratio will reach 83% by the close of 2024, according to its October 2024 fiscal monitor report, revealed at the ongoing IMF Annual Meetings in Washington, D.C.
Read full articleThe IMF projects a steady reduction in the debt ratio over the next five years, estimating it will fall to 69.7% by 2029.
This positive outlook is grounded in expected improvements in Ghana's fiscal indicators, supported by government initiatives to contain exchange rate volatility and the successful implementation of a debt exchange program.
Ghana’s current debt stock exceeds GHS 760 million, representing roughly 75% of GDP. The government aims to reduce this figure to 50% by 2028.
In addition, the IMF reaffirmed its economic growth forecast for Ghana, maintaining a 3.1% growth projection for 2024, a target shared by the Ghanaian government.
According to IMF Chief Economist Pierre-Olivier Gourinchas, Ghana’s path to economic growth should include a “triple pivot” policy approach: easing monetary policy, rebuilding fiscal reserves, and advancing structural reforms.
He noted that this strategic framework will enable the country to address global economic challenges while stimulating sustained growth.
Read full article
