2024 in review: Economy beats expectations despite global challenges

Ghana’s economy outperformed expectations in 2024, with an average GDP growth of 6.3% for the first three quarters, bolstered by strong non-oil sector performance.

Inflation remained above 20%, though it declined from 2023 levels, leading the Bank of Ghana to cut its policy rate to 27%. The IMF-backed Post-COVID-19 Programme for Economic Growth secured $1.92 billion in disbursements, improved fiscal consolidation, and increased reserves to $7.7 billion.

Debt restructuring agreements reduced the debt-to-GDP ratio to 74.6%, while energy sector reforms addressed legacy arrears. Banking assets rose 42.4%, with credit expansion reaching 28.8%.

The government provided over GH¢2.1 billion to support SMEs, even as the cedi depreciated 28%. Fixed income and equities markets rebounded, with equity market capitalization climbing to GH¢108.4 billion.