Deloitte forecasts average inflation of 11.9% for Ghana in 2025

Deloitte has forecasted that Ghana’s inflation rate will decline further in 2025, predicting an average of 11.9%, driven by a more stable cedi and falling domestic food prices.

While inflation dropped in six of the 11 months in 2024, bringing the year’s average down to 22.85% from 2023’s 40.28%, it remains above the Bank of Ghana’s target range of 8%.

Deloitte noted that the expected reduction in inflation could lead to lower borrowing costs, stimulating private-sector spending and business expansion.

However, the firm cautioned that election-related spending and potential increases in taxes and tariffs could offset some of these gains, potentially raising the cost of living.