Cedi can withstand early-year pressure in 2024 – KPMG projects

Auditing and Accounting firm, KPMG, has projected some stability for the Ghana cedi as the country expects to receive the second tranche of the International Monetary Fund loan.

According to Partner for Deal Advisory at KPMG, Evans Asare, the resilience that has been witnessed in recent times shows growing confidence in the 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 myjoyonline.com.

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.”

Ghana’s growth rate was revised from 2.8% to 1.5% during the mid-year budget review.

The International Monetary Fund also projected a GDP growth of 1.5% for 2023, whilst the World Bank predicted 1.6% growth.

Currently, inflation stands at 38.1% as of September 2023.

SSD/NOQ

Watch the latest edition of BizTech below:



Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.