The 2024 Budget and Economic Policy, themed “Pursuing Growth & Development in a Stable Macroeconomic Environment,” aimed at building on the economic turnaround that began in 2023. Highest on its list of priorities was fiscal consolidation under the IMF-supported Extended Credit Facility (ECF) Programme.

The IMF’s Extended Credit Facility program helped Ghana’s economy improve moderately in 2024. The real GDP growth rate was 3.1%, a decrease from 3.5% in 2023, due primarily to fiscal consolidation pressures. Inflation was high, but decreasing, from 54% in December 2022 to around 25% by the end of the fiscal year 2024, thanks to tighter monetary policy conditions. The cedi depreciated by around 15% against the US dollar, lower than in previous years, indicating stronger reserve buffers and lower import demand.