Ghana is expected to record an average inflation of 19.5% in 2024, the International Monetary Fund (IMF) has revealed.
In its World Economic Outlook, it also predicted an end-year inflation of 15% for the country.
In 2025, the nation will record an average lower inflation of 11.5%.
According to the IMF, the country would register a sharp decline in inflation in 2025, easing the cost of goods and housing,
This will consequently boost consumer spending and aggregate demand.
However, the end-of the year inflation in 2025 is estimated at 8.1%. That would be the lowest since 2019.
The Fund pointed out in its October 2024 Regional Economic Outlook that with further policy adjustment expected inflation is expected to continue on a downward trajectory.
“The regional GDP-weighted headline inflation is projected to decline substantially, from 18.1% in 2024 to 12.3% in 2025, with significant decreases in Angola, Ghana, and Nigeria”.
“Median inflation will decline slightly, from 4.7% to 4.5%. However, inflation will remain substantially higher in oil exporters than in the rest of the region”, it added.
Inflation surged to 21.5% in September 2024, from 20.4% in August, according to data from the Ghana Statistical Services (GSS).
It came a few days after the Bank of Ghana announced a 2.0 percent cut to its benchmark Monetary Policy Rate (MPR) – the highest in six years.