The International Monetary Fund (IMF) has increased Ghana's end-of-year inflation estimate to 16.3 percent in 2022 from 8.8 percent.
In 2023, however, it predicts a 13.5% end-of-year inflation rate.
This indicates the country will fall short of the Bank of Ghana's aim of 8% Plus 2% growth.
Rising inflation has been prompted by increasing commodity prices such as crude oil and grains as a result of the Russia/Ukraine war, according to the Fund's April 2022 World Economic Outlook Report.
"The protracted conflict in Ukraine, concomitant sanctions, market players' reactions to the worldwide uproar, and increased counterparty risk have wreaked havoc on commodities markets and supply chains all over the world." Prices have soared across the commodity complex amid substantially growing volatility, putting serious strains on commodity finance.