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Ghana Inflation March 2024

Ghana: Inflation comes in at four-month high in March

Inflation came in at 25.8% in March, which was up from February’s 23.2%. March’s reading represented the highest inflation rate since November 2023 and was more than double the upper bound of the Bank of Ghana (BoG)’s 6.0–10.0% target band. Still, the print undershot market expectations of a steeper acceleration. Looking at the details of the release, prices for food and beverages increased at a faster rate in March and prices for transport grew at a quicker pace: A weaker cedi against the U.S. dollar pushed up prices of key imports food and fuel.

Still, the trend pointed down, with annual average inflation coming in at 32.8% in March (February: 34.3%).

Finally, consumer prices rose a seasonally adjusted 0.85% from the previous month in March, coming in below the 1.58% rise recorded in February. March’s result marked the weakest reading since October 2023.

Our Consensus is for average inflation to gradually recede in the coming quarters. That said, our panelists expect inflation to average above the BoG’s target band this year and next. Moreover, the continued weakening of the cedi might slow down the disinflation process. This could, in turn, deter the Central Bank from more aggressive interest rate cuts to support the economy going forward.

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