Ghana’s economy to expand by 3.4% in 2024 – IC Africa

Research firm IC Africa projects Ghana's economy to grow by 3.4% in 2024, an increase from 2.9% in 2023 but lower than Fitch Solutions' 4.3% forecast.

IC Africa's forecast range for overall GDP growth is between 2.9% and 3.9%. The firm attributes this growth to the industrial sector, particularly the extractive industry, construction, and manufacturing.

The services sector, supported by ICT, trade, hospitality, finance, insurance, transport, and election-related spending, will also contribute.

Ghana's GDP grew 4.7% year-on-year in Q1 2024, driven by a 6.8% industrial sector expansion, despite slower growth in agriculture and services.