Fitch Solutions maintains Ghana’s growth rate forecast for 2024 at 4.3%

Fitch Solutions has maintained its 2024 growth forecast for Ghana at 4.3%, significantly higher than the IMF's 2.9% and the government's 3.1% projection.

The London-based firm attributes this optimistic outlook to robust consumer spending since early 2024 and promising prospects in the extractive sector, particularly oil and gas.

Associate Director Mike Kruiniger highlighted the sector's recovery, especially at the Jubilee and Ten oil fields.

Despite sticky inflation in Q1 2024, Fitch Solutions expects it to decline to 19.5% by year-end, aided by statistical base effects and stronger government spending, which will support consumer activity and boost domestic demand.