This is due to an expected programme from the International Monetary Fund and the stabilisation of the cedi.

It expects inflation to average about 18.7 per cent in 2023, from over 30 per cent in 2022.

Senior Country Risk Analyst at Fitch Solutions, Mike Kruiniger, in a report said these were necessary measures for economic growth.

“We expect disinflation throughout 2023 as the exchange rate stabilised on an expected IMF deal. It will remain elevated at an average of 18.7 per cent,” he said.

“As such, it will continue to exert downside pressure on household purchasing power and corporate profit margins and thus limit economic growth”, he explained.

He however said both Ghana’s fiscal and external accounts were under significant pressure at the moment.

But Mr. Kruinger said it expect a likely IMF programme to improve the country’s fiscal metrics.

“We expect that a likely IMF deal will improve Ghana’s fiscal metrics as well as limit risks to its external position in 2023,” he said.