The Institute for Statistical Social and Economic Research (ISSER) has projected Ghana’s growth rate to reach 4.5 percent by the end of 2024.

The International Monetary Fund (IMF) earlier revised Ghana’s growth rate from 3 percent to 4 percent for the same period.

Speaking at the launch of the state of the Ghanaian economy report and review of the third quarter economic performance, the director of ISSER, Prof. Peter Quartey said that the country is on a positive trajectory and expects the rate to exceed 4 percent.

He said there is a need to ensure expenditure rationalization, especially in procurement and remuneration through digitization of payroll systems.

“Our growth outlook remains positive. The IMF has revised and said we will grow by 4 percent, but I am optimistic that we can do 4.5 percent”.

Suggesting some areas that the government can focus on to accelerate growth, Prof. Quartey pointed out that it is time to invest in the agricultural and industrial sectors.

“We have to invest in agriculture and industry because they are labour-intensive sectors. If we invest in them, they can create jobs.”

He added that there is an urgent need to also control debt levels to curb government overspending.

“We need to review the Fiscal Responsibility Act to include legislation on a debt ceiling to ensure deficits and debt are kept within sustainable thresholds,” he said.

Based on the latest forecast, ISSER is optimistic about Ghana’s economy, but advised the government to increase revenue mobilization through digitization.

The report also appealed to the government to invest in agriculture to tackle the rise in food inflation.

“Managing inflation and exchange rate depreciation will help bring down the cost of living. Food inflation remains high and PFJ 2.0 should aggressively support the value chain,” the report indicated.

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