International rating firm Fitch predicted that Ghana's real GDP growth would slow to 4% in 2022 as a result of the country's rising inflation rate and the Central Bank's ensuing increase in the country's monetary policy rate.

Fitch said that due to the depreciation of the cedi and the high cost of living, Ghana's operating circumstances had deteriorated noticeably in 2022.

In a publication on August 22, 2022, the rating body said: Inflation increased sharply to 31.7% in July as a result of higher commodity prices that have been exacerbated by exchange-rate pressures, with the Ghanaian cedi depreciating 35% against the US dollar to date.

“This has prompted the Bank of Ghana to increase the policy rate by 750bp so far this year, including a 300bp hike on 17 August following an emergency meeting of the monetary policy committee. Fitch expects real GDP growth to slow to 4% in 2022 and 5.3% in 2023,” it added.

However, the government of Ghana revised the GDP growth rate from 5.8% to 3.7% for 2022.

Delivering the 2022 mid-year budget review in parliament on July 25, Ken Ofori-Atta explained, "In the light of significate changes in the global environment and our own unique challenges, we have revised our economic growth estimate for 2022 to 3.7 percent, down from 5.8 percent as stated in the 2022 budget."

The finance minister added that apart from the revised overall GDP growth rate, almost all other macroeconomic variables have been revised downward.

"… non-oil GDP growth of 4.3 percent down from 4.9 percent; end-period inflation of 28.5 percent, up from 8 percent. The overall deficit of 6.6 percent of GDP, down from 7.4 percent; primary surplus of 0.4 percent of GDP, up from a surplus of 0.1 percent and a Gross International Reserve of not less than 3-months import cover," he said when he addressed parliament.