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Specifically, IC Research, said out of the GH¢820.45 million revenue reported by the electricity distributor for January 2024, the CWM stipulated GH¢512.84 million payment to six Independent Power Producers (IPPs) as Level A beneficiaries.

However, the 2023 fiscal performance revealed a stronger-than-programmed outcome with the primary balance posting a surplus of 0.4% against the 0.5% target deficit.

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The government exceeded its net borrowing target for treasury bills in the first quarter of 2024 by 24.8% to raise GH¢24.6 billion. The treasury enjoyed

“Seemingly aligning with Ghana’s election year fiscal performance, it appears the IMF has taken a slightly conservative posture with a 0.2% of GDP slippage baked into its 2024 deficit forecast (5.0%) compared to the authorities’ target (4.8%). This forecast showed that the Fund expects revenue to underperform the authorities’ target by 0.1% of GDP while expenditure overshoots the target by a similar margin”.

“Our forecast shows a modest decline in the annual inflation rate to 22.4% y/y in January 2024 as the improved FX outturn in late December 2023 into early January 2024 sustains the lid on price pressures”.

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Speaking to Joy Business, Mr. Arkoh-Koomson urged the Bank of Ghana to collaborate with the Development Bank Ghana to invest more in value-addition advancement to improve the country’s export earnings.

IC Research added that it expects improved fundamentals in 2024, as a result of expected multilateral inflows and appropriate monetary stance.

The November 2023 inflation (26.4%) print pulls headline inflation symmetrically within the 27.4% inner band and the 25.4% outer band of the lower limit under the IMF programme’s Monetary Policy Consultation Clause.