Ghana’s economy has recorded its fastest growth since 2019, rebounding from a period of severe economic decline. In the third quarter of 2024, the country’s GDP grew by 7.2% compared to the same period last year, marking the strongest year-on-year increase since a 7.9% rise in late 2019.
This growth follows Ghana’s lengthy debt restructuring and the second year of a tough IMF-backed austerity programme. The International Monetary Fund recently approved a $3 billion, three-year loan for the country to help tackle its ongoing economic crisis. The loan includes an immediate $600 million payout, which is seen as a crucial step towards addressing the nation’s economic challenges. This positive economic news coincides with the election of a new president, following widespread dissatisfaction with the previous government over cost-of-living issues.
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