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Sunday, May 19, 2024

IMF Forecasts 8% Inflation For Ghana

 

Ghana has been projected to record a single-digit inflation of 8 per cent by the end of 2025.

The International Monetary Fund (IMF), which disclosed this in its World Economic Outlook, said the end-of-year inflation for this year will register 15 per cent.

The projections are based on measures implemented by the government under the IMF programme and the Bank of Ghana’s tight monetary policies.

In this year’s budget presented to Parliament, the government is upbeat about achieving its inflation projections while also Dr. Ernest Addison, Central Bank Governor,  is positive inflation will start waning in the coming months, in spite of the recent petroleum price increases.

Ghana, it would be recalled, recorded single-digit inflation in July 2021, per information released by the Ghana Statistical Service.

Inflation recorded in March 2024 was 25. 8 per cent compared to the same period last year when inflation was 45.0 per cent.

Prior to April 2020, inflation had stayed at 7.8 per cent for three straight months, believed to have been caused by impulse and panic buying ahead of the COVID-19 lockdown, which pushed it to10.6 per cent in April, before it reduced again to 9.8 per cent in November 2020.

By Samuel Boadi

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