Ghana’s inflation rate is projected to drop to between 15% and 18% by the end of 2024, according to Deloitte’s West Africa Economic Outlook. The firm anticipates further decreases, with inflation expected to dip below 10% by 2026 if current conditions persist.
However, Deloitte warns that risks remain, particularly within the region. The report highlights that while Ghana’s inflation is trending downward, driven by tight monetary policies, fiscal consolidation, and stable transportation costs, Nigeria continues to face rising prices.
Since reaching a peak of 54.1% in December 2022, Ghana’s inflation has steadily declined to a 27-month low of 20.9% in July 2024.
Deloitte predicts that this disinflationary trend will continue in the latter half of the year, aligning with the Bank of Ghana’s year-end target of 15%, plus or minus 2%.
Yet, Deloitte cautions that increased election-related spending and potential currency volatility could pose challenges to maintaining this trajectory.
