Ghana Inflation Expected to Rise to 11.3% in 2027, Fitch Projects
Fitch Solutions forecasts Ghana’s inflation to climb from 4.7% in 2026 to 11.3% in 2027.
In Brief
- •Fitch Solutions forecasts Ghana’s inflation to climb from 4.7% in 2026 to 11.3% in 2027.
- •The rise is attributed to fading exchange‑rate support, modest fiscal loosening, strong money‑supply growth, and El Niño‑driven food‑price increases.
- •Bank of Ghana may raise the policy rate by up to 200 bps by year‑end 2027, possibly tightening as early as November 2026.
- •Current account surplus is projected to narrow from 7.9% of GDP in 2026 to 5.3% in 2027 due to falling gold and cocoa prices.
Why It Matters
The projected jump in inflation will pressure Ghana’s purchasing power and could prompt tighter monetary policy, affecting borrowing costs and investment flows. A higher policy rate may help curb inflation but could also dampen credit demand, influencing growth prospects and the country’s ability to meet its import‑cover target.
Key Details
- Inflation 2026
- 4.7%
- Inflation 2027
- 11.3%
- Policy rate forecast 2026
- 14%
- Current account surplus 2026
- 7.9% of GDP
- Current account surplus 2027
- 5.3% of GDP
Original Reporting & Sources
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