By The International Monetary Fund (IMF) has forecasted a single-digit inflation rate of 8% for Ghana by the end of 2025. This projection aligns with the government’s target for the same period.
According to the government’s plans, Ghana aims to reduce end-year inflation from 23% to 15% and further decrease it significantly to a single-digit figure for the years 2024 and 2025.
Ghana last achieved a single-digit inflation rate in 2021, recording a rate of 9.97%. However, subsequent developments saw a sharp increase, reaching a 22-year high of 54.1% despite a target of 31.9%.
During the ongoing IMF/World Bank Spring Meetings, the IMF presented a positive outlook for Ghana in its World Economic Outlook Report. The IMF forecasts an inflation rate of 8% for Ghana, attributing this projection to the robust measures and progress made under the IMF programme.
The Bank of Ghana has affirmed its commitment to staying within its end-year target band of 15%, with a margin of plus or minus two percent for the year 2024. It anticipates the continuation of the disinflation process and aims to mitigate underlying inflation risks through tight monetary policy measures.
Additionally, the IMF projects a robust economic growth rate of 4.4% for Ghana in 2025, a significant increase from the 2.8% growth projected for 2024. However, the IMF expects a decline of -2.2% in Ghana’s current account balance, reflecting trade and financial activities in the country.
Despite this, the IMF maintains an optimistic outlook for Ghana’s economic growth, anticipating a significant rebound starting from the following year.
