ISSER projects Ghana’s 2024 growth rate to hit 4.5 percent

The Institute of Statistical Social and Economic Research (ISSER) has projected Ghana’s growth rate to hit 4.5 percent by the end of 2024.

The International Monetary Fund (IMF) earlier revised Ghana’s growth rate from 3 percent to 4 percent for the same period.

Speaking at the launch of the State of the Ghanaian Economy Report and Review of the third quarter economic performance, the Director of ISSER, Prof. Peter Quartey said the country is on a positive trajectory and expects the rate to exceed 4 percent.

He said there is the need to ensure expenditure rationalization, especially in procurement and compensation through digitalization of payroll systems.

“Our growth prospect remains positive. The IMF has revised and said we will grow by 4 percent, but I am optimistic that we can do 4.5 percent”.

Suggesting some areas government can focus on to accelerate the growth, Prof. Quartey pointed out that it is time to invest in the agriculture and industry sectors.

“We need to invest in agriculture and industry because they are labour intensive sectors. If we invest in them, they can create jobs.”

He added that there is an urgent need to also check the debt levels to restrict government from overspending.

“We need to review the fiscal responsibility law to include legislation of a debt ceiling to ensure that deficit and debt are contained within sustainable thresholds”, he said.

Based on the latest projection, ISSER is upbeat about Ghana’s economy, but advised government to enhance revenue mobilization through digitalization.

The report also appealed to government to invest in agriculture to address the hike in food inflation.

“Addressing inflation and the exchange rate depreciation will help reduce the cost of living. Food inflation remains high and PFJ 2.0 should aggressively support the value chain”, the report indicated.