Professional services firm, Deloitte Ghana, is projecting that there will be a decline in inflation, averaging 11.9% in 2025.
It indicated that the decline will occur after the cedi experienced stability in recent times, as well as a reduction in domestic food prices.
The report stated that Ghana’s inflation in November 2024 stood at 23%, which was higher than the government’s target of 15%.
Deloitte West Africa shared the report during its Sneak Preview of 2025.
“Ghana’s inflation declined in six of the 11 months so far in 2024, thanks partly to the effect of high interest rates. As of November 2024, the country’s inflation rate was 23%, a far cry from the government’s year-end target of 15%. Ghana’s 11-month 2024 inflation average is 22.85%, down from 2023’s average of 40.28%.
“Declining trend is projected to continue in 2025 at an average of 11.9%. This is still above the upper band of the Bank of Ghana’s 8% +/-2% inflation target,” myjoyonline.com reported.
The firm further noted that the new government’s move to implement some new taxes and increase the old ones will contribute to the forecasted inflation rate.
“The lingering effects of election spending could limit the anticipated pace of disinflation. In addition, the government is likely to implement some new taxes and tariffs, while at the same time increase existing ones, such as water and electricity tariffs,” the report added.
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