Ghana's economy has recorded its most rapid growth since 2019, with a Gross Domestic Product (GDP) growth rate of 7.2% in the third quarter of 2024. This significant increase comes after the country faced severe economic deterioration in recent years.

The news was disclosed by Government Statistician Samuel Kobina during a press briefing in Accra, Ghana's capital. The 7.2% growth rate is the strongest year-on-year increase since 7.9% was recorded in the fourth quarter of 2019, surpassing the median prediction of 5.4% expansion by three experts in a Bloomberg survey.

The economic boost is attributed to the International Monetary Fund's (IMF) authorization of a $3 billion, three-year loan plan for Ghana in May. The loan has provided a much-needed injection of capital, with an initial payout of $600 million. This financial support has helped Ghana to address its debt restructuring and implement tough austerity measures as part of the IMF program.

The IMF loan approval came after Ghana's pursuit of the loan since 2022, with the organization initially expressing skepticism about Ghana's capacity to restructure its debt. However, the loan has now paved the way for Ghana to pay off $10 billion of its total external debt by 2026, a significant step towards economic recovery.

The economic growth is also seen as a positive development in the wake of former President John Mahama's election triumph, which was largely driven by voter discontent over the cost-of-living issue in the West African nation. The new administration is expected to build on this economic momentum to address the country's economic challenges.

The IMF loan and subsequent economic growth have significant implications for Ghana's future economic prospects. The country's ability to pay off its external debt and implement austerity measures will be crucial in restoring investor confidence and attracting foreign investment. As Ghana continues to navigate its economic recovery, the impact of the IMF loan and the new administration's policies will be closely watched by economists and investors alike.

In conclusion, Ghana's 6-year high in GDP growth rate is a positive development for the West African nation, and a testament to the effectiveness of the IMF loan and the country's efforts to address its economic challenges. As Ghana looks to the future, it is hoped that this economic momentum will continue, paving the way for sustained economic growth and development.