Facebook Linkedin Twitter Youtube
Sign in
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Sports
  • Fact-Check
  • Elections HQ
  • Media
    • Podcasts
    • Live Radio
    • Live TV
    • Photos
    • Videos
  • More
    • Top Stories
    • Editorial
    • Newspaper Headlines
    • Opinion
    • Lifestyle
    • Technology
    • Automobile
    • Real-Estate
    • Obituary
    • World
    • Relationships
    • Travel
    • Election HQ
Sign in
Welcome!Log into your account
Forgot your password?
Password recovery
Recover your password
Search
  • Sign in / Join
  • Live TV
  • Live Radio
  • Contact us
  • Privacy Policy
Facebook Linkedin Twitter Youtube
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
Adomonline Adomonline Adomonline.com
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Sports
  • Fact-Check
  • Elections HQ
  • Media
    • Podcasts
    • Live Radio
    • Live TV
    • Photos
    • Videos
  • More
    • Top Stories
    • Editorial
    • Newspaper Headlines
    • Opinion
    • Lifestyle
    • Technology
    • Automobile
    • Real-Estate
    • Obituary
    • World
    • Relationships
    • Travel
    • Election HQ
Home Business Ghana’s real GDP growth to remain below pre-crisis levels until 2029 –...
  • Business

Ghana’s real GDP growth to remain below pre-crisis levels until 2029 – IFS

March 4, 2025 8:22 am
Facebook
WhatsApp
Twitter
Telegram
Email
Pinterest
Print
    Economic GDP

    The Institute for Fiscal Studies (IFS) has projected that Ghana’s real GDP growth will remain significantly below pre-crisis levels until 2029, raising concerns about job creation and employment generation.

    According to the economic think tank, the country’s GDP growth rate is expected to range from 4.0% to 5.0%, with an average rate of 4.4% between 2024 and 2029.

    Given Ghana’s high unemployment rate, especially among the youth, the IFS has urged the incoming government to implement strategic interventions to boost economic growth beyond these projections.

    “The Institute is, however, aware of the country’s weak fiscal position. We therefore recommend that the government approaches this through expenditure prioritization in favor of critical real sectors. We recommend first and foremost the agriculture sector,” the statement read.

    Agriculture as a Key Growth Driver

    The IFS emphasized that agriculture has significant potential to drive economic growth and create jobs, given Ghana’s favorable natural conditions.

    It noted that Ghana has abundant sunshine, favorable rainfall levels, and extensive agricultural land—126,037.4 square kilometers as of 2021, according to World Bank data—making it well-positioned for large-scale agricultural production.

    Resetting Ghana’s External Sector

    The IFS also called for reforms in Ghana’s external sector, particularly in the ownership structure of the country’s major merchandise exports.

    It observed that despite being a key driver of trade and current account balances, Ghana’s merchandise exports have had little effect on stabilizing the cedi.

    Between 2017 and 2019, Ghana’s average merchandise exports stood at $14.815 billion, with an average trade balance of $1.751 billion and an average current account deficit of $1.970 billion. However, the cedi still depreciated at an average rate of 8.7% against the US dollar during this period.

    In 2020-2021, merchandise exports declined by $215 million to $14.600 billion, causing the trade balance to worsen by $180 million to $1.571 billion, while the average current account deficit widened by $368 million to $2.338 billion.

    The IFS noted that the cedi’s performance does not significantly correlate with merchandise exports and trade balances. Instead, the government has relied heavily on international borrowing to manage the cedi under the capital and financial account of the balance of payments.

    The institute stressed the need for a shift in economic strategy, focusing on sustainable domestic production and ownership of export industries to strengthen the country’s external sector and enhance economic resilience.

    READ ALSO:

    • Public spending must be reformed to avoid economic collapse – Finance Minister
    • We need to fix structural economic issues – Nhyiaeso MP
    SOURCEJoy Business
    • TAGS
    • current account
    • GDP
    • trade balance
    • unemployment
    Previous articlePublic spending must be reformed to avoid economic collapse – Finance Minister
    Next articleVinicius Jr ‘living the dream’ at Real Madrid amid Saudi interest
    Faridatu Seidu

    RELATED ARTICLESMORE FROM AUTHOR

    Business

    5.3% Q1 GDP growth a good sign – Mahama

    Business

    Ghana’s economy is recovering based on quarter one GDP estimates – GSS boss

    Business

    Ghana, Côte d’Ivoire record highest trade surpluses in West Africa in 2024

    Local News

    Gov’t to export Ghanaian labour to tackle unemployment – Rashid Pelpuo

    News

    Plan Ghana partners Education Ministry to address youth unemployment

    Business

    Ghana’s projected growth rates for next 5 years by IMF below potential – IEA

    • I was Francis Agyei’s backing vocalist for 10 years – Diana Hamilton July 1, 2025 5:50 pm
    • Bibiani GoldStars sign Emmanuel Agyei on a three-year dealJuly 1, 2025 5:11 pm
    • My childhood dream was to be an architect – Diana HamiltonJuly 1, 2025 5:07 pm
    • NPP must be strategic in choosing 2028 flagbearer – Pius Hadzide [Video]July 1, 2025 4:59 pm
    • I sometimes applaud myself for the lyrics I write – Diana HamiltonJuly 1, 2025 4:57 pm
    • Ghanaians always prosper under NPP governments – Pius Hadzide [Video]July 1, 2025 4:54 pm
    • Hearts of Oak Board pledges full support for coach Didi DramaniJuly 1, 2025 4:42 pm
    • Shop owner stabbed to death with scissors at Mile 11July 1, 2025 4:32 pm
    • PNP petitions Asantehene over Chief Justice suspensionJuly 1, 2025 3:28 pm
    • Kofi Jumah granted GH₵500k bailJuly 1, 2025 3:19 pm
    • Photos from National Prayer and Thanksgiving DayJuly 1, 2025 3:16 pm
    • GBA’s call for Torkornoo’s reinstatement surprising — Kwakye OfosuJuly 1, 2025 3:11 pm
    • We yearn for peace, strive for justice – GBA renews call for Torkornoo’s reinstatementJuly 1, 2025 3:07 pm
    • Government releases GH¢139 million for LEAP — Cash allowance increased by 25%July 1, 2025 3:05 pm
    • 33 out of 40 excavators in police custody went missing – Hannah Bissiw [Video]July 1, 2025 2:20 pm
    • Pan-African Savings and Loans supports Kotobabi No.2 Primary SchoolJuly 1, 2025 2:14 pm
    • Interior and Defense Ministries unaware of my visits to galamsey sites – Hannah BissiwJuly 1, 2025 2:00 pm
    • One killed as notorious armed robbery suspects are arrested in Ashanti RegionJuly 1, 2025 1:48 pm
    • Speaker announces plans to introduce local languages in parliamentary debatesJuly 1, 2025 1:34 pm
    • I didn’t want to make my exit from Lynx public – Kuami EugeneJuly 1, 2025 1:31 pm

    Download Apps

    adomonline app store
    adomonline play store


    Podcast

    google podcastGoogle Podcast
    tune in radioTuneIn
     iTunes
     Spotify

    Subscribe to Newsletter

    * indicates required
    Adomonline
    ABOUT US
    AdomOnline.com is your news, politics, business, sports, entertainment, a lifestyle website. We provide you with the latest breaking news and content straight from the motherland Ghana and other countries beyond.
    Contact us: info@adomonline.com
    FOLLOW US
    Facebook Linkedin Twitter Youtube
    © 2025 © Adomonline.com | The Multimedia Group