Ghana’s economy is expected to grow by only 1.6% in 2023, according to the World Bank’s latest Global Economic Prospects Report.
This is much lower than the average growth rate of 3.2% projected for Sub-Saharan Africa. Ghana ranks 42nd among the countries in the region in terms of economic growth.
The World Bank attributes the weak performance of Ghana’s economy to the challenges it faces, such as high inflation, high debt, and macroeconomic instability. Ghana is also undergoing an International Monetary Fund support programme to address these issues.
The report notes that Ghana’s economic activity has been affected by the negative shocks from the global environment and the domestic situation. The World Bank expects Ghana’s economy to recover slightly in 2024, with a growth rate of 2.9%.