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Ghana’s economic indicators remain on track for 2024 and beyond, the World Bank’s 8th Economic Update for Ghana titled "Strengthening Domestic Revenue Systems for Fiscal Sustainability" has revealed.

This is despite the recent increases in the pace of exchange rate depreciation and slower-than-expected inflation reduction.

The report highlights the steady progress made by Ghana over the past year in addressing severe macroeconomic imbalances that emerged in 2022.

The report said the economic situation has been improving in line with targets due to efforts to restore fiscal and debt sustainability, reduce inflation, and strengthen financial stability.

Due to the lingering effects of the macroeconomic challenges, growth in 2023 was low at 2.9% albeit higher than initial projections, while inflation declined to 23.2 percent in December 2023 from a peak of 54.1% in December 2022. This progress is attributed to the Bank of Ghana’s firmer monetary policy and more stable exchange rates.

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