Persistent rise in inflation to stifle economic growth in Ghana, Nigeria – Deloitte

Deloitte West Africa's Monthly Inflation Update highlights rising inflation in Ghana and Nigeria, which threatens economic growth as businesses face higher costs and consumers cut spending, worsening the cost-of-living crisis.

Ghana’s inflation increased to 22.0% in October 2024 from 21.50% in September, driven by Alcoholic Beverages, Tobacco, and Narcotics (31.70%), Housing and Utilities (27.60%), Restaurants and Accommodation (24.60%), Health (23.90%), and Food and Beverages (22.80%).

The Upper East region recorded the highest inflation at 42.0%, while the Eastern region had the lowest at 18.3%.

In Nigeria, inflation rose to 33.88% in October, with Bauchi state recording the highest rate at 46.68%, and Delta state the lowest at 27.85%. The report anticipates inflationary pressures from election spending and a potential interest rate hike in Nigeria.