IMF Projects Ghana’s Debt-to-GDP to Hit 83% in 2024, Decline to 69.7% by 2029

The International Monetary Fund (IMF) anticipates Ghana’s debt-to-GDP ratio will reach 83% by the close of 2024, according to its October 2024 fiscal monitor report, revealed at the ongoing IMF Annual Meetings in Washington, D.C.

The IMF projects a steady reduction in the debt ratio over the next five years, estimating it will fall to 69.7% by 2029.



Read full article/> This positive outlook is grounded in expected improvements in Ghana's fiscal indicators, supported by government initiatives to contain exchange rate volatility and the successful implementation of a debt exchange program.

Ghana’s current debt stock exceeds GHS 760 million, representing roughly 75% of GDP. The government aims to reduce this figure to 50% by 2028.

In addition, the IMF reaffirmed its economic growth forecast for Ghana, maintaining a 3.1% growth projection for 2024, a target shared by the Ghanaian government.

According to IMF Chief Economist Pierre-Olivier Gourinchas, Ghana’s path to economic growth should include a “triple pivot” policy approach: easing monetary policy, rebuilding fiscal reserves, and advancing structural reforms.

He noted that this strategic framework will enable the country to address global economic challenges while stimulating sustained growth.