IMF Projects Inflation Decline in Ghana Over the Next Four Years

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The International Monetary Fund (IMF) has released its projections for inflation in Ghana, forecasting a 15% end-of-year inflation for 2024. Additionally, the IMF anticipates an 8.0% end-of-year inflation for the years 2025, 2026, and 2027. This suggests a deceleration in the rising prices of goods and services this year and a significant slowdown over the next three years.

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These revelations were disclosed in the IMF's recent report titled "Ghana: Selected Economic and Financial Indicators, 2022–28". The report also highlighted a substantial year-on-year decrease in inflation from 53.6% in January 2023 to 23.2% in December 2023.

According to data from the Ghana Statistical Service, food inflation played a key role in driving down the overall inflation rate, dropping to 28.7% in December 2023 from 32.2% in November 2023. Similarly, non-food inflation decreased to 18.7% in December 2023 from 21.7% in November 2023.

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The report also detailed that locally produced items experienced an inflation rate of 23.8% in December 2023, while imported items saw an inflation rate of 21.9%. Notably, six divisions recorded inflation rates higher than the national average, including Alcoholic Beverages, Tobacco and Narcotics (38.2%); Personal Care, Social Protection and Miscellaneous Goods and Services (31.1%); Food and Non-Alcoholic Beverages (28.7%); Restaurants and Accommodation Services (28.0%); Furnishings, Household Equipment and Routine Household Maintenance (26.9%); and Recreation, Sports and Culture (24.9%).

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