Prof. Quartey: Ghana Likely to Surpass IMF and World Bank Growth Forecasts
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The International Monetary Fund (IMF), in its latest World Economic Outlook, projects Ghana’s GDP to grow by 4.0% in 2025, while the World Bank forecasts 4.3%.
However, Prof. Quartey — a respected economist and former Director of the Institute of Statistical, Social and Economic Research (ISSER) — believes Ghana’s economy can achieve higher growth than anticipated.
“Certainly, the IMF and the World Bank are often cautiously optimistic; they don’t want to project overly high numbers,” Prof. Quartey noted.
“But as a country, oftentimes we have gone beyond their projections, and I believe we will go beyond the 4% they are projecting.”
Prof. Quartey emphasized that sustained fiscal discipline, macroeconomic stability, and structural reforms will be key to sustaining high growth rates. He added that international institutions typically underestimate developing economies to avoid unrealistic expectations.
Yet, he warned that rapid growth must not compromise environmental sustainability. Citing the threat of illegal mining (“galamsey”), he stressed the importance of balancing economic expansion with the protection of natural resources.
“You can grow by 10 per cent, but if you destroy your environment, water bodies, and poison your food sources, it is not something to celebrate,” he cautioned.
Prof. Quartey shared his remarks during a Citi Business News interview on the sidelines of a symposium honoring Emeritus Professor Ernest Aryeetey at the University of Ghana.
The event, themed “Placing Research at the Centre of Higher Education in Africa,” celebrated Aryeetey’s remarkable contributions to academia and policy research.
Appointed in 2010, Prof. Aryeetey spearheaded major reforms that enhanced research capacity, governance systems, and global partnerships at the university. His tenure transformed the institution into a research-intensive hub that drives policy innovation and development across Africa.
Analysts note that Ghana’s recent macroeconomic recovery, driven by debt restructuring, fiscal consolidation, and renewed investor engagement, provides a solid base for growth.
However, achieving targets above IMF and World Bank estimates will depend on discipline in public spending, private sector resilience, and export performance.
Prof. Quartey’s optimism reflects growing confidence among local economists that Ghana’s economy is turning the corner, provided environmental concerns and policy consistency are maintained.
