Ghana’s inflation is expected to end 2024 at 23.2%, the World Bank has disclosed in its October 2024 Africa Pulse Report.
The year-on-year inflation is however expected to take a nose dive to 11.5% in 2025.
This would help drive down interest rates and cost of borrowing.
According to the report, inflation in Sub-Saharan Africa is projected to decline from 7.1% in 2023 to 4.8% in 2024 and 4.6% n 2025–26.
“Stabilisation of commodity prices this year after the decline from their highs in 2022, the alleviation of supply chain disruptions, the effects of tightened monetary and fiscal policies, as well as stabilizing currencies explain the decline of inflation in the region”, it mentioned.
It added that the slowdown of inflation appears to be broad-based across the region.
About 70% of the countries are set to register lower inflation in 2024, compared to the previous year. This proportion will reach nearly 80% in 2025.
However, in three-quarters of the countries in the region, inflation rates are expected to be higher than they were during the pre-pandemic period.
The dynamics of disinflation in Sub-Saharan Africa distinguish two groups of countries— namely, low- and high-inflation countries.
Most countries exhibit low and declining inflation rates, while about 30% of the countries have a high rate of inflation that has already peaked or is still increasing.
Latest Stories
-
I’ve learnt to be wise and calm – Glenn Samm after anti-galamsey arrest
22 mins -
Buduburam Chief urges calm amid investigations into explosion which killed 3
22 mins -
Christ the King Church Hosts Health Screening Day
41 mins -
Parliament set for showdown as Minority pushes to vacate 4 seats
47 mins -
Protester to undergo mental evaluation in bail hearing
57 mins -
Majority Leader goes to Supreme Court over moves to declare seats of independent candidates vacant
59 mins -
EC presents breakdown of 18.7m names in Provisional Voters Register
1 hour -
Here are key highlights from IPAC Meeting of 15th October, 2024
2 hours -
Cracks in UTAG as some members give leadership Oct. 18 ultimatum to call off strike
2 hours -
Galamsey: Illegal miners defy legal action; polluting only stream serving Atronsu community
2 hours -
JoySports Invitational: We will be champions – CEO of Peeva Beverages promises
2 hours -
JoySports Invitational: MultiChoice Ghana joins Oct. 26 corporate sports event
2 hours -
Mahama will be remembered for ‘Dumsor’ that collapsed businesses – Napo
2 hours -
Joy Sports Invitational: ‘We are coming to win all the trophies’ – NIC Commissioner warns
3 hours -
Nothing will make me stay away from my beloved NPP- Ama Sey campaigns for Bawumia
3 hours