WEO

The International Monetary Fund (IMF) has lowered Ghana’s average inflation forecast for 2023 to 42.2% from the earlier 45.4%. It is also forecasting an end-year inflation of 31.3% According to its 2023 World Economic Outlook (WEO), this will however be among the highest in Sub-Saharan Africa. In 2022, Ghana’s average inflation was estimated at 31.9% whilst the end-of-year inflation stood at 54.1% The report stated that the near-term inflation expectations remain elevated and above target, as inflation rates may contribute to more persistent wage and price pressures. This would complicate the task of monetary policy in restoring price stability. It…