This aligns with the government’s target for the same period.

Ghana’s end-year inflation target according to the government will ease from 23 to 15 percent and then fall significantly to a single digit for 2024 and 2025 respectively.

The last time Ghana ended a year with a single-digit inflation rate was in 2021 at a rate of 9.97% but developments took a nose dive afterwards reaching a 22-year record of 54.1% despite a target of 31.9%.

But the IMF in its World Economic Outlook Report at the ongoing IMF/World Bank Spring Meetings is forecasting a positive outlook.

The 8% projection by the IMF stems from the robust measures and gains made under the IMF programme.

The Bank of Ghana has said, it will remain within its end-year target band of 15 plus or minus two percent for 2024.

It also expects with the disinflation process to continue afterwards while taming underlying inflation risks with tight monetary policy.

Also, the Fund has projected a robust growth of 4.4% for Ghana in 2025 marking a significant increase from the 2.8% growth projected for 2024.

However, the IMF anticipates a decline of -2.2 per cent in Ghana’s current account balance, which measures trade and financial activities in the country.

Despite this, the IMF maintains that the overall outlook for Ghana’s economic growth is set for a significant rebound from next year.