Ghana’s inflation is expected to remain around 8% (±2%) in 2026, the International Monetary Fund (IMF) said on Thursday, citing progress in stabilizing prices and maintaining prudent monetary policy.
The Fund said inflation has continued to decline toward the central bank’s target range, allowing the Bank of Ghana (BoG) to ease its policy rate by 650 basis points to 21.5% since the start of the year.
“Prudent monetary policy is expected to help re-anchor inflation expectations,” the IMF said following the conclusion of a staff mission to Accra for the fifth review of Ghana’s $3 billion Extended Credit Facility (ECF) program.
The IMF noted that the BoG’s new foreign exchange operations framework, aimed at smoothing market volatility and rebuilding reserves, is helping to support exchange rate stability.
Ghana’s inflation, which peaked above 50% in early 2023, has fallen sharply in recent months on the back of tight monetary conditions and improved fiscal discipline under the IMF-supported program.
The Fund said Ghana’s macroeconomic outlook has improved, citing continued fiscal consolidation, progress on debt restructuring, and measures to strengthen financial sector stability.
A staff-level agreement was reached between the IMF and Ghanaian authorities this week, pending approval by the Fund’s Executive Board. Once approved, Ghana will gain access to the next tranche of funding under the ECF arrangement.
