Ghana's economy projected to expand by 4.8% in 2024 – World Bank

Ghana is among West African countries projected to expand by 4.8% and 5.1% in 2025 to 2026.

Only Nigeria was excluded from the list of West African countries.

The October 2024 World Bank Africa Pulse Report said this is due to strong private consumption and capital deepening.

Also, the West African Economic and Monetary Union (WAEMU) - made up of only French-speaking countries - is projected to grow at 5.7% in 2024 and 6.2% in 2025 and 2026.

The strong growth in Benin, Côte d’Ivoire, Niger, and Senegal supported WAEMU’s performance.

“There are some bright spots in Sub-Saharan Africa despite the tepid recovery in 2024. In 2024, the real GDP growth of 27 countries in the region is expected to accelerate, and eight of these countries are posting growth greater than 5.0%—notably, Côte d’Ivoire (6.5%), Senegal (6.1%), Uganda (6%, and Tanzania (5.4%), among others.”

“A closer look at the past 10 years merits asking whether growth prospects in Sub-Saharan Africa have improved. If so, how many countries in the region have surpassed their pre-pandemic levels of growth of real GDP per capita?”, it questioned.

Almost 40% of the countries in Sub-Saharan Africa (19 of 47) registered positive growth per capita in 2016–19 and 2022–25 and are outperforming their pre-pandemic performance.

Ten of these countries have annual average growth rates per capita that exceed 3% per year in 2022 and 2025 notably Benin, Kenya, Mauritania, Mauritius, Rwanda, and Senegal.

SSD/KA

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