Ghana’s inflation to end 2024 at 20.9%, narrow to 11.1% in 2025 – AfDB

The African Development Bank (AfDB) has projected Ghana's inflation to reach 20.9% by the end of 2024, up from an earlier prediction of 17.4%, remaining outside the Bank of Ghana's target of 8%±2.

Factors contributing to this outlook include fiscal consolidation post-COVID, effects of Russia’s invasion of Ukraine, limited financial access, and global economic shocks.

The AfDB suggests that prudent macroeconomic policies could mitigate these risks. Inflation is expected to decrease to 11.1% in 2025.

In 2023, Africa's average inflation rose to 17%, with East Africa at 26.5% and West Africa at 20.3%, impacting socioeconomic gains made before COVID-19.