The Institute of Statistical, Social, and Economic Research (ISSER) projected Ghana’s economy to grow 4.5% by the end of 2024, raising its outlook above the International Monetary Fund’s recent revision from 3% to 4%.
Speaking at the launch of the State of the Ghanaian Economy Report and the third-quarter economic review, ISSER Director Professor Peter Quartey expressed optimism over the country’s trajectory.
“Our growth prospect remains positive,” Prof Quartey said, adding that Ghana could surpass the IMF’s latest 4% forecast with effective fiscal oversight.
To sustain growth, he stressed the need for expenditure rationalisation, particularly in procurement and compensation, advocating for digital payroll systems to streamline these costs.
Prof. Quartey also called for targeted investments in Ghana’s agriculture and industry sectors, which he noted are labour-intensive and capable of driving significant job creation.
“We need to invest in agriculture and industry because they are labour-intensive sectors. If we invest in them, they can create jobs,” he said.
Addressing Ghana’s public debt, Prof Quartey warned of potential fiscal strain, urging a review of the fiscal responsibility law to include a debt ceiling, ensuring deficit and debt levels stay within sustainable limits.
Despite ISSER’s positive growth forecast, the report cautioned that Ghana’s government must improve revenue mobilisation through digitalisation.
To tackle ongoing food inflation, the report recommended aggressive support for agriculture, particularly through the updated Planting for Food and Jobs (PFJ 2.0) initiative, which aims to strengthen the agricultural value chain and reduce food costs.
“Addressing inflation and exchange rate depreciation will help reduce the cost of living,” the report noted, emphasising that sustained government investment in agriculture will be essential to manage food inflation.
