Business strategist and financial analyst, Dr Daniel Armateye Anim, has cautioned that the recent downward revision of global economic growth by the International Monetary Fund (IMF) could significantly impact emerging economies like Ghana, particularly due to their high reliance on imports and vulnerability to external shocks.
In its April 2025 World Economic Outlook (WEO) report, the IMF revised its global growth forecast from 3.3 percent to 2.8 percent, citing escalating trade tensions, particularly with the U.S. announcing a wave of new tariffs on trading partners, as well as a projected global rise in inflation.
Dr Anim believes this signals potential economic turbulence for countries with weaker economic structures.
Speaking in an interview with GhanaWeb Business, Dr Anim noted that Ghana’s import-driven economy and dependence on Foreign Direct Investment (FDI) make it particularly susceptible to the effects of the downgrade.
“The recent revision in global growth by the IMF, from 3.3 percent to 2.8 percent, means there’s a high likelihood of significant impact on emerging economies. Economies exposed to external shocks and heavily reliant on imports could be affected if this revised forecast holds true. Ghana is likely to feel the effects because it is largely import-driven, even in terms of attracting FDIs and demand for exports. As a result, it could affect our foreign inflows,” he said.
However, Dr Anim emphasised that the extent of the impact would largely depend on Ghana’s internal preparedness and economic resilience.
He stressed the need to strengthen the domestic economy through aggressive agricultural policies and industrial support aimed at boosting local production.
“If your macroeconomic fundamentals are strong and you have a business-friendly environment, you’re more likely to attract investment and boost your GDP growth. That could cushion the economy against global downturns. In such a case, the global slowdown may not significantly impact us,” he added.
Dr Anim also underscored the importance of maintaining a stable macroeconomic environment to encourage sustained GDP growth and increased FDI inflows.
SP/MA
Meanwhile, watch GhanaWeb‘s tour of Odweanoma Paragliding Field below:
