Eighty-one percent of executives and professionals surveyed are optimistic about the prospects of the Ghanaian economy, the Deloitte Restructuring Survey 2024 has revealed.
According to the report, key economic indicators in Ghana are pointing to an improving macroeconomic environment.
Therefore, overall, Gross Domestic Product (GDP) growth is projected to improve slightly 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.
The cedi, it however, said, has continued to depreciate against its major trading currencies in the first quarter of 2024, albeit at significantly lower rates 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”.
“As shown in Figure 4, 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”.
The Deloitte Restructuring Survey is an annual survey of restructuring professionals and C-Suite executives conducted across South Africa, Ghana, Kenya, and Nigeria.
Credit: Joy Business