Renowned auditing and accounting firm, KPMG, anticipates a degree of stability for the Ghana cedi as the country prepares to receive the second installment of the International Monetary Fund (IMF) loan.

Partner for Deal Advisory at KPMG, Evans Asare, highlighted that the demonstrated resilience in recent times reflects an increasing level of confidence in the country's economy.

“We see the local currency coming up strongly against the other major currencies due to some few certainties and confidence in the economy after some time now. We observed that the expected inflows from the second tranche of the International Monetary Fund’s programme are beginning to send positive signals and therefore going into 2024, I think the currency can withstand that early-year pressure,” he was quoted by the media

According to Evans Asare, Ghana’s growth rate may return to pre-COVID levels in 2024.

He said “It is expected that our projected Gross Domestic Growth target of 1.5 percent will double and grow above projections. We expect growth to return to pre-COVID-19 levels.”

During the mid-year budget review, Ghana's growth rate underwent a downward revision, plummeting from 2.8% to a mere 1.5%. This marked a significant adjustment.

The International Monetary Fund (IMF) similarly foresaw a GDP growth of 1.5% for Ghana in 2023, while the World Bank's projection was slightly more optimistic, predicting 1.6% growth.

As of September 2023, the inflation rate remains elevated at 38.1%, posing economic challenges.