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Ghana’s journey towards economic stability receives a positive forecast as the International Monetary Fund (IMF) predicts a single-digit inflation rate of 8% by the end of 2025, aligning with the government’s ambitious goal. The government’s aim is to steadily decrease inflation from the current 23% to 15% in 2024 and further down to single digits by 2025.
Although Ghana last achieved single-digit inflation in 2021, recording 9.97%, subsequent years saw a surge, reaching a staggering 54.1%, the highest in 22 years, despite an initial target of 31.9%.
During the ongoing IMF/World Bank Spring Meetings, the IMF presented an optimistic outlook for Ghana’s economy, attributing the projected 8% inflation rate to the robust measures implemented under the IMF program.
Furthermore, the IMF forecasts substantial economic growth for Ghana in 2025, estimating a growth rate of 4.4%, a significant increase from the projected 2.8% growth in 2024.
However, amidst these positive projections, the IMF anticipates a -2.2% decline in Ghana’s current account balance, primarily due to challenges in trade and financial activities.
Despite this setback, the IMF maintains a hopeful outlook regarding Ghana’s economic trajectory, envisioning a notable rebound starting from next year.
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