Government is hoping to achieve an inflation rate of 18.9% by the end of December 2023.

Inflation stood at 40.4% in October 2022, far above the revised end of year target of 28.5%.

Delivering the 2023 Budget in parliament, Ken Ofori-Atta said the figures were arrived at after considering the macro-economic targets for the medium term.

“Based on the overall macroeconomic objectives and the medium[1]term targets, the following macroeconomic targets are set for the 2023 fiscal year:  End-December inflation rate of 18.9%, Overall Real GDP growth of 2.8 percent”, he said.

Mr. Ofori-Atta stated that the Bank of Ghana will continue to monitor inflation developments and respond appropriately to contain price pressures.

“Monetary Policy will focus on using the monetary policy rate to, among others, contain inflationary pressures”, he said, adding that government will complement Monetary policy with sound Fiscal measures to control inflation.

He pointed out that since August 2022, the Bank of Ghana has successfully been working with the mining firms, international oil companies, and bankers to purchase all foreign exchange arising from the voluntary repatriation.