Ghana's economy grew 5.7% in 2024 amid high inflation - SIGA report

The 2024 Annual State Ownership Report by the State Interests and Governance Authority (SIGA) showed that Ghana’s economy performed strongly, recording a robust GDP growth rate of 5.7%.

According to the report, this performance was driven by improved macroeconomic indicators, despite the fiscal challenges the country faced during the year under review.

However, despite these positive outcomes, Ghana’s fiscal position deteriorated as the overall budget deficit widened to 7.9% of GDP, mainly due to high interest costs and increased government spending.

SOEs record 28.3% revenue growth in 2024 despite losses - SIGA

Public debt stood at GH¢726.70 billion by the end of 2024, while the debt-to-GDP ratio improved to 61.8%, reflecting progress made through debt restructuring efforts, including the completion of the Eurobond restructuring process.

SIGA, however, flagged rising fiscal risks linked to government financial commitments, including GH¢3.15 billion in outstanding loan guarantees and GH¢14.73 billion in on-lent loans.

The report further noted that the government incurred US$100.1 million in payments related to contingent liabilities under public-private partnership (PPP) agreements) during the year.

Read the full report below



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