Ghana’s inflation rate for December 2024 stood at 23.8%, exceeding the government’s 15% target and the Bank of Ghana’s revised target of 18%. This development has prompted fresh discussions with the International Monetary Fund (IMF) regarding policy adjustments.According to Bank of Ghana Governor, Dr. Ernest Addison, the 23.8% inflation rate has reached a critical threshold requiring IMF consultation. “We need to discuss with the fund about specific policies to guide us back towards our single-digit inflation goal,” Addison stated.The Bank of Ghana has revised its timeline for achieving single-digit inflation, pushing the target from the first quarter of 2026 to the second quarter. However, this timeline is contingent on the incoming government’s economic policies.Ghana’s inflation journey in 2024 was marked by fluctuations, peaking at nearly 25% in March due to exchange rate pressures. The rate improved to 20% by August before climbing back to 23.8% in December, driven by food prices, supply chain disruptions, and transportation costs.The IMF delegation is expected to visit Ghana from February 10 to 14, 2025, to discuss revenue generation strategies and improve the country’s tax-to-GDP ratio. This visit is part of Ghana’s ongoing collaboration with the IMF to achieve economic stability and secure international financial backing .
