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The government aims to decrease inflation from 23% to 15% in 2024 and further to single digits by 2025.
Ghana last achieved single-digit inflation in 2021 at 9.97%, but subsequent years saw a rise, peaking at a 22-year high of 54.1%, despite an initial target of 31.9%.
At the ongoing IMF/World Bank Spring Meetings, the IMF presented a positive outlook for Ghana's economy, crediting the projected 8% inflation rate to robust measures taken under the IMF program.
The IMF forecasts a substantial growth rate of 4.4% for Ghana in 2025, up from the projected 2.8% growth in 2024.
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However, the IMF expects a -2.2% decline in Ghana's current account balance due to trade and financial activities.
Despite this, the IMF remains optimistic about Ghana's economic growth, foreseeing a significant rebound starting from next year.