The Institute of Statistical Social and Economic Research (ISSER) has projected that Ghana’s economy will grow by 4.5 percent by the end of 2024, exceeding the International Monetary Fund’s (IMF) recent upward revision from 3 percent to 4 percent.
At the launch of the “State of the Ghanaian Economy Report” and a review of third-quarter economic performance, ISSER’s Director, Prof. Peter Quartey, expressed optimism about the country’s economic outlook, suggesting growth could surpass 4 percent.
“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 emphasized the importance of prudent expenditure management, particularly in procurement and compensation, advocating for the use of digital payroll systems to enhance efficiency.
Prof. Quartey stressed the need for increased investment in agriculture and industry, noting their significant potential for job creation. “We need to focus on agriculture and industry because they can generate significant employment,” he remarked, also highlighting the necessity of monitoring debt levels to prevent excessive government spending.
He proposed a review of the fiscal responsibility law to establish a debt ceiling, which would ensure that both deficit and debt remain within sustainable limits.
With this optimistic projection, ISSER encourages the government to bolster revenue collection through digitalization. The report further advises the government to increase agricultural investment to combat 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,” Prof. Quartey concluded, underlining the critical role of agriculture in stabilizing the economy.
