Ghana's inflation likely to drop below 40% in April 2023 - REDD Intelligence

A Senior Credit Research Analyst at REDD Intelligence, Mark Bohlund, has hinted that Ghana’s inflation could witness a drop to below 40 percent by April 2023.

According to him, the estimation, following a base effect analysis, showed that the country's inflation rate could drop by more than 10 percentage points in April 2023.

“The inflation rate has declined for two straight months and may fall more sharply to below 40% by April due to base effects,” Mark Bohlund said.

Meanwhile, the Ghana Statistical Service last week announced that the year-on-year inflation for February 2023 slowed down to 52.8 percent, representing a drop from the 53.6 percent rate recorded in January 2023.

Government Statistician, Prof Kobina Annim, attributed the decline to the relative stability of the local currency in recent months and a drop in global oil prices which has helped contain costs.

“We have sustained the reversal that started last month from the upward increases in inflation. It will be recalled that in January 2023, we had a reversal in the upward trend from 54.1 percent in December 2022 to 53.6 percent for January 2023. So, we have sustained the reversal in the upward trend in the inflation rate that we recorded in the greater part of 2021 and 2022,” Prof. Samuel Kobina Annim said.

He made this known when he addressed journalists on March 15, 2023.

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