Ghana’s Inflation May Fall Below 11% – Goosie Tanoh

Mr. Augustus Goosie Tanoh has expressed optimism that Ghana’s inflation rate is set to decline further in the coming months.

Presidential Advisor on the 24-Hour Economy and Accelerated Export Development Programmes linked this positive outlook to recent economic indicators, particularly growth in the agricultural sector.

“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 during an interview on The Point of View with Bernard Avle on Channel One TV.

Inflation in Ghana dropped from 18.4% to 13.7% in June 2025, according to the Ghana Statistical Service, a development Mr. Tanoh believes aligns with predictions by the Minister for Finance, Dr. Cassiel Ato Forson, and the Bank of Ghana Governor, Dr. Johnson Asiama.

“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 said.

Tanoh also acknowledged differing forecasts from institutions such as the IMF and other analysts, who estimate end-of-year inflation at around 14–14.9%.

However, he maintained that if agricultural productivity remains strong and food prices continue to decline, the country could outperform those expectations.

“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,” he stated.

He emphasized the critical role of harvests and strategic buffer stock management in helping the state intervene when food prices begin to surge, especially in the third quarter of the year.

“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.”

Tanoh’s argument is reasonable, especially given Ghana’s heavy dependence on food inflation as a driver of headline inflation.

If agricultural output continues on its current path, it’s not far-fetched to expect inflation to fall below current projections.

Source: Liberalprint.com