International Monetary Fund headquarters in Washington, DC. Photographer: Mandel Ngan/AFP/Getty Images
The International Monetary Fund (IMF) is predicting a 15% end-of-year inflation in 2024.
It is also forecasting an 8.0% end-of-year inflation in 2025, 2026 and 2027.
This means that the increasing prices of goods and services will slow down this year and drastically in the next three years.
The revelation was captured in the Fund’s latest document dubbed “Ghana: Selected Economic and Financial Indicators, 2022–28”.
Year-on-year inflation fell significantly by 30.4 percentage points in 2023 to 23.2% in December 2023. In January 2023, Ghana’s inflation rate stood at 53.6%.
According to the figures from the Ghana Statistical Service, food inflation drove down the overall inflation with a rate of 28.7% in December 2023, compared with 32.2% in November 2023. The non-food inflation also went down to 18.7% in December 2023 from 21.7% in November 2023.
Inflation for locally produced items stood at 23.8% in December 2023, whilst inflation for imported items was 21.9%.
Six divisions recorded inflation rates higher than the national average.
They were 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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