Africa to end 2024 on economic upswing – EIU

Africa is ending 2024 on a positive economic trajectory, with many economies and sectors showing strong growth, according to the Economist Intelligence Unit (EIU). Improvements in economic imbalances and reduced sovereign debt pressures have bolstered recovery, with Ghana’s economy projected to grow by 4.0% in 2024.

Despite progress, external debt burdens remain high, and global geopolitical tensions and regional challenges persist.

The EIU predicts that Africa will host three-quarters of the world’s fastest-growing economies in 2025, driven by thriving international and intra-regional trade, a buoyant services sector, and expanding industrial activities. Most African nations are expected to achieve faster growth compared to 2024.

While volatility and instability remain, the continent continues to present significant economic opportunities and dynamism, reinforcing its potential as a global growth leader.