Inflation to fall to 21% in May 2024, end year at 17% – Report

Inflation in Ghana is expected to decrease to around 21% in May 2024 and end the year at approximately 17%, primarily due to base effects, according to GCB Capital.

However, concerns remain about the impact of cedi depreciation and increases in petroleum prices and transport fares, which could elevate near-term inflation risks.

In April 2024, inflation dropped to 25.0% from 25.8% in March 2024. The Monetary Policy Committee (MPC) maintained a tight monetary policy to address these risks and anticipates inflation to end within 13% to 17%, contingent on continued tight policy and effective liquidity management.