The Institute of Statistical Social and Economic Research (ISSER) has projected Ghana’s economic growth rate to reach 4.5 percent by the end of 2024, surpassing the International Monetary Fund’s (IMF) recent upward revision from 3 percent to 4 percent.
During the launch of the State of the Ghanaian Economy Report and the third-quarter economic performance review, ISSER’s Director, Prof. Peter Quartey, expressed optimism about Ghana’s economic trajectory, anticipating growth beyond 4 percent.
He emphasized the need for prudent expenditure management, particularly in procurement and compensation, by leveraging digital payroll systems.
“Our growth outlook remains promising. The IMF has projected 4 percent growth, but I believe we can achieve 4.5 percent,” Prof. Quartey stated.
He highlighted the importance of prioritizing investment in agriculture and industry, sectors with high labor demand and job-creation potential.
“We need to focus on agriculture and industry because they can generate significant employment,” he noted, adding that it is crucial to monitor debt levels to prevent excessive government spending.
He proposed a review of the fiscal responsibility law to set a debt ceiling, ensuring that both deficit and debt remain within sustainable limits.
With this new projection, ISSER remains optimistic about Ghana’s economic prospects, recommending that the government strengthen revenue collection through digitalization.
The report also urged the government to boost agricultural investment to curb rising food inflation.
“Reducing inflation and exchange rate depreciation will lower the cost of living. Food inflation remains high, and PFJ 2.0 should focus on supporting the value chain.”
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