According to the World Bank, economic growth – which decelerated to an estimated 2.9 per cent in 2023 is projected to remain weak in 2024. However, the
government has been more upbeat when it comes to the nation’s economic outlook. In July the Finance Minister, Dr Mohammed Amin Adam highlighted the positive economic indicators for the first quarter of 2024, suggesting a favourable outlook for the rest of the year.
Capital: Accra Total Area:
238,
533sq.km Population: 34,589,092 Median age: 21.4 years Religions:
Christian 71.3%, Pentecostal 31.6%, Protestant 17.4%, Catholic 10%, Muslim 19.9%, traditionalist 3.2% Languages: English (official), Asante 16%, Ewe 14%, Fante 11.6%, Boron (Brong) 4.9%, Dagomba 4.4%, Dangme 4.2% Currency: The Cedi Government type: Presidential Republic Chief of State: President Nana Addo Dankwa Akufo-Addo (since 7 January 2017) Elections: President and vice president directly elected on the same ballot by absolute majority popular vote in 2 rounds if needed for a 4-year term (eligible for a second term); election last held on 7 December 2020 (next to be held on 7 December 2024); the president is both chief of state and head of government.. Unemployment: 3.08% (2023 est.) Tourism: 1.4 million (2023)
In January 2024, Te World Bank approved a $300m Devel-
opment Policy Operation for Ghana. Te “Resilient Recovery Development Policy Operation” is the first in a series of three operations of $300m each and part of a broad World Bank en- gagement for crisis response and resilience in Ghana.
Its objectives are to: u
u Restore fiscal sustainability
Support financial sector stability and private sector devel- opment
u Improve energy sector financial discipline u
Strengthen social and climate resilience. Specific reforms supported by this financing series include
strengthening domestic revenue mobilisation, controlling ex- penditures, safeguarding financial sector stability and removing barriers to private investment amongst other reforms. According to the World Bank, economic growth – which de-
celerated to an estimated 2.9 per cent in 2023 is projected to remain weak in 2024. However, the government has been more upbeat when it comes to the nation’s economic outlook. In July the Finance Minister, Dr Mohammed Amin Adam highlighted the positive economic indicators for the first quarter of 2024, suggesting a favourable outlook for the rest of the year. “Growth is proving to be more resilient and robust than
initially programmed, and the economy continues to show strong signs of recovery, particularly in the first quarter of 2024,” he said. Te minister emphasised that the overall macroeconomic environment remains stable as the government continues to implement the IMF-supported programme.
UPCOMING ELECTIONS Voters will head to the polls on December 7 to elect a successor to President Nana Akufo-Addo, who is stepping down at the end of the two terms he is allowed to serve. Te upcoming presidential vote is expected to be keenly con- tested. Te election will pit John Dramani Mahama of the main
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