KPMG predicts doubling of Ghana’s growth rate in 2024

November 6, 2023 / Comments (0)

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Auditing and Accounting firm, KPMG, is predicting a doubling of Ghana’s Gross Domestic Product (GDP) growth in 2024.

The forecast, it said, is based on some expected foreign inflows which are likely to stabilise the local currency and spur private sector growth.

Speaking to journalists on its 2024 pre-budget survey, Partner for Deal Advisory at KPMG, Evans Asare said Ghana’s growth rate will return to pre-Covid-19 levels.

“We see the local currency coming up strongly against the other major currencies due to some few certainties and confidence in the economy after some time now. We observed that the expected inflows from the second tranche of the International Monetary Fund’s programme is beginning to send positive signals and therefore going into 2024, I think the currency can withstand that early-year pressure”.

“It is expected that our projected Gross Domestic Growth target of 1.5 percent will double and grow above projections. We expect growth to return to pre-Covid-19 levels”, he said.

The International Monetary Fund projected a GDP growth of 1.5% for 2023, whilst the World Bank predicted 1.6% growth.

On the issue of Environment, Sustainability and Governance (ESG), the respondents advocated for dedicated climate financing funds.

The survey highlights a growing awareness of ESG with 76% of respondents expressing interest in evaluating the government spending and investments using ESG standards.

These insights illuminate the evolving landscape of sustainability in Ghana’s economic framework.

Overall, the findings highlight that the 2024 budget should prioritize policies that promote inclusive green growth by strengthening local businesses and promoting exports through industrialisation, mechanisation of agriculture to promote food security and infrastructure development.

“We hope the insights from the survey will help the government in its deliberations and provide valuable contributions in the lead-up to the 2024 Budget”, said Senior Partner at KPMG, Anthony Sarpong.

The survey for this year was conducted in collaboration with the United Nations Development Programme, UNDP.


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