Ghana’s inflation rate for June 2024 fell to 22.8%, the lowest level since April 2022.
In May, Ghana’s inflation fell to 23.1%, and the country’s inflation has been falling since the beginning of 2024.
Ghana’s month-to-month inflation rate in June 2024 was 2.9%, down from 3.2% in May.
According to the Ghana Statistical Services, the country’s food inflation rate in June was 24%, up from 22.6% in May 2024.
The country’s inflation rate was only 0.3 percentage points higher than the 22.5% forecast by Bloomberg economists for June 2024.
The country’s inflation rate was only 0.3 percentage points higher than the 22.5% figure forecast by Bloomberg economists for June 2024.
The Bank of Ghana (BoG) chose to ease its monetary policy, lowering the policy rate from 30.00% to 29.00% in January 2024 just as the country’s inflation rate fell in Q4 2023.
Following the change, the country’s inflation rate fell marginally to 23.2% in February 2024. However, in March, the country’s inflation rate increased to 25.8%, prompting the Bank of Ghana to suspend its monetary policy relaxation.
An analyst who spoke with Bloomberg said that a slowing of inflationary momentum is expected to boost the central bank’s confidence in beginning monetary easing this month, maybe implementing another small 100 basis point decrease.
With a benchmark interest rate of 29%, Ghana holds one of the highest interest rates in Africa.
