The International Monetary Fund (IMF) is forecasting, Ghana’s debt to GDP ratio will hit 83% by end of 2024.
This was captured in its October 2024 fiscal monitor report released at the ongoing IMF annual meetings in Washington DC, USA.
The Fund, projects, there will be a consistent decline in Ghana’s debt to GDP ratio for the next five years falling to 69.7% in 2029.
The IMF based its projection on improvements in Ghana’s fiscal indicators.
Ghana’s debt stock currently stands in excess of GHS 760 million representing about 75% of GDP.
Government is however targeting to reduce the debt to GDP ratio to 50% in 2028 following the completion of the debt exchange and measures to contain exchange rate volatilities.
The IMF also reaffirmed its projection for Ghana’s economic growth in 2024, maintaining the forecast at 3.1% indicating significant progress in the global fight against inflation.
The forecast aligns with government’s end-year target for 2024.
IMF Chief Economist, Pierre-Olivier Gourinchas outlined key policy recommendations to drive future growth.
He emphasized the need for a strategic “triple pivot” approach—easing monetary policy, rebuilding fiscal reserves, and advancing structural reforms—to navigate current global risks and stimulate economic expansion.
