Professional services firm, Deloitte Ghana, has forecasted a decline in inflation, predicting an average rate of 11.9% in 2025.
This expected decline follows recent stability in the cedi and a decrease in domestic food prices.
The report revealed that Ghana’s inflation rate for November 2024 was 23%, exceeding the government’s target of 15%.
Deloitte West Africa presented the findings 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 also highlighted that the government’s implementation of new taxes, as well as the increase of existing ones, will contribute to the projected 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..
