The Presidential Advisor on the 24-Hour Economy and Accelerated Export Development Programmes, Mr. Augustus Goosie Tanoh, has expressed confidence that Ghana’s inflation rate will continue to decline in the coming months, following its significant drop to 13.7% in June 2025.
This marks the sixth consecutive monthly decrease and the lowest inflation rate recorded since December 2021. The decline has been largely attributed to falling food prices and a general easing of price pressures across key consumer categories.
Mr. Tanoh said the inflation trajectory suggests further reductions are possible, particularly if agricultural growth remains strong.
“I think we’re going to see even more inflation dropping. Because of the agricultural figures we were seeing, outside of cocoa. I think it grew by 6.7% in the first quarter, if it continues from what we were seeing,” he noted.
He added that the downward trend in inflation aligns with projections from key economic officials.
“With the drop in inflation from 18.4% to 13.7%, as was reported on July 2, then, basically, maybe Dr Johnson Asiama, the Bank of Ghana Governor’s prediction and Dr. Ato Forson, Minister of Finance’s prediction, that we may be heading towards an 11% year-on-year inflation rate, is probably accurate,” he added.
He noted that while the International Monetary Fund (IMF) projects inflation at 14%, the government’s projections could be met if strong harvests continue and food prices remain stable.
Mr. Tanoh stressed the importance of building an adequate buffer stock and maintaining market interventions to manage any future price surges.
“The fund is saying 14% and others are saying 14.9%, but I think that if the trajectory continues, and because that is happening and because the cost of goods will probably keep dropping, particularly food. Because from August, things kind of drop. The important thing is to generate the requisite harvest and buffer stock that allows you to intervene in the market if prices try to whip up along the normal grade we have,” he noted.
