Fiscal And Monetary Policies Take Effect, As Inflation Drops To 23.1%

Ghana's inflation rate has decreased to 23.1% in May 2024, down from 25.0% in April 2024 and 54.1% in December 2022.

Finance Minister Mohammed Amin Adam credits fiscal and monetary policies for the decline.

The government's approach includes tight monetary policy, fiscal consolidation, and gold-for-oil and gold-for-reserves programs.

Real GDP growth reached 4.7% in Q1 2024, up from 3.1% in Q1 2023. The IMF is expected to disburse $360 million to Ghana.