Ghana Inflation Update

Ghana's headline inflation rose to 5.3% in June, primarily due to unfavorable base effects and transport cost increases. Goldman Sachs expects the Bank of Ghana to keep rates on hold through year-end.

Key Takeaways

• 1.Headline inflation in Ghana rose to 5.3% year-over-year in June, up from 3.7% in May, driven by unfavorable base effects.
• 2.The Bank of Ghana kept its monetary policy rate on hold at 14.0% in May, contrary to expectations of a 50bp cut.
• 3.Inflation is expected to rise moderately in the coming months due to high oil prices, currency weakness, and base effects.

Table of Contents

• Ghana: Inflation Increases to 5.3%yoy in June, Due To Unfavourable Base Effects
• Key Figures for June (NSA)
• Disclosure Appendix

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