The African Development Bank's projection indicates that Ghana's inflation rate is anticipated to remain above 44.7 percent until the year 2024.

The recently published West Africa Economic Outlook Report by the Bank also forecasts that the country's interest rates will persistently stay above 25 percent.

The report noted that, “Within the West Africa region, inflation is projected to be highest in Ghana (45%), Nigeria (17%), Sierra Leone (27%), and the Gambia (12%).

Except for Nigeria, local currencies in the three other countries experienced double digit depreciation in 2022. This is expected to continue in the medium term.”

For the 2024 fiscal year, the AfDB maintains that Ghana’s inflation is expected to drop to about 20.4 percent while cautioning that the Bank of Ghana’s monetary policy rate could, however, hamper growth prospects.

“Therefore, amid already high policy rates (e.g., a policy rate of 18% in Nigeria, 29% in Ghana, and 19% in Sierra Leone), further rate hikes might do more harm than good to growth prospects,” the Bank said.

In order to address the ongoing economic difficulties in the nation, the AfDB highlighted several measures.

These include seeking international financial support, strengthening fiscal consolidation efforts, promoting economic diversification, and fostering growth in the private sector to stimulate the economy.