The International Monetary Fund (IMF) has projected that Ghana’s debt-to-GDP ratio will climb to 83% by the end of 2024, as detailed in its October 2024 fiscal monitor report during the ongoing IMF annual meetings in Washington, D.C. Currently, Ghana’s debt stock exceeds GHS 760 million, equating to approximately 75% of GDP.
Despite this increase, the IMF forecasts a steady decline in the debt-to-GDP ratio over the next five years, predicting it will drop to 69.7% by 2029. This optimistic outlook is based on anticipated improvements in Ghana’s fiscal indicators.
In addition to the debt projections, the IMF has maintained its economic growth forecast for Ghana at 3.1% for 2024, which aligns with the government’s end-year target. IMF Chief Economist Pierre-Olivier Gourinchas emphasized the importance of a “triple pivot” strategy—comprising easing monetary policy, rebuilding fiscal reserves, and implementing structural reforms—to ensure sustainable economic growth and manage global risks effectively.
