A new opinion poll, Deloitte Restructuring Survey 2024, has indicated business executives and professionals are positive about Ghana’s economy going forward.
It indicated that about 81% of the business executives and professionals expressed optimism about Ghana’s economy.
The report also said key economic indicators in Ghana pointed to an improvement in the country’s macroeconomic environment.
Overall, the report forecast Gross Domestic Product (GDP) growth to do well moderately from 2.9% in 2023 to 3.3% by the end of 2024, while average inflation is expected to decrease from 38% in 2023 to 18% in 2024.
Concerning the local currency, it said though it has continued to depreciate against the major trading currencies in the first quarter of this year, it is at a significantly lower rate than the depreciation recorded in the preceding two years.
“With Ghana’s upcoming presidential elections at the end of 2024, the incoming government will be expected to prioritise the successful implementation and completion of the International Monetary Fund programme as a key measure to regain policy credibility and to improve access to financing from the international capital markets.
This is considered a major step forward towards improving macroeconomic stability and inducing growth. This, then, is why respondents to our survey are optimistic about growth prospects in Ghana,” it said
In the sub-region, “Only 19% registered pessimism, compared to 63% who were pessimistic across the other jurisdictions covered by our survey (Kenya, Nigeria, and South Africa).
This optimism is ultimately supported by survey respondents’ forecasts for Ghana’s future. Unlike other jurisdictions, respondents do not believe inflation and interest rates will increase,” it added.
The survey, an annual study of restructuring professionals and C-Suite executives, is conducted across South Africa, Ghana, Kenya, and Nigeria.
By Samuel Boadi