The Bank of Ghana (BoG) is hopeful of a continuous economic improvement in the coming months as inflation continues to witness a downward trajectory.
The year-on-year consumer inflation rate for December 2023 has dropped significantly to 23.2% from 26.4% recorded in November 2023, the Ghana Statistical Service has announced.
According to figures from the Ghana Statistical Service, food inflation was the major contributor to the decline in the rate of inflation.
The latest drop is way beyond the 29% end-of-year forecast by the Bank of Ghana.
Governor of the BoG, Dr Ernest Addison had earlier projected the continuous drop in inflation will culminate in a drop in interest rate.
“As we continue to make progress on that front, we expect interest rates to correct and also be moving in the right direction.”
“We are beginning to see some evidence which is pointing at different numbers and we are ready to discuss those with the IMF, including the outlook of 29% that we are projecting for the rest of the year, and what that means for monetary policy going forward,” he said.
