Ghana’s inflation rate is projected to reach 17.2% in 2025, according to the latest Africa Pulse Report released by the World Bank in April 2025.

This projection places Ghana among 14 African countries expected to maintain double-digit inflation rates next year. The list also includes Angola, Ethiopia, Malawi, Nigeria, Sudan, and Zimbabwe.

“Of 47 countries in the region, 14 still have inflation rates of two digits or more—including Angola, Ethiopia, Ghana, Malawi, Nigeria, Sudan, and Zimbabwe, among others. By 2027, the number of countries with two-digit or higher inflation rates is expected to fall to six,” the World Bank stated.

Despite the current inflation outlook, the Bank forecasts a significant drop in Ghana’s inflation by 2026 to 9.4%, and a further reduction to 8.0% by 2027. The report emphasized that inflation across the continent is expected to gradually return to targeted levels.

“Inflation will continue converging to target across African countries, but it may hit some bumps in the road if the risk of increased inflation materializes as a result of the implementation of more restrictive trade policies around the world,” the report cautioned.

Ghana’s inflation figures also stand out in the broader regional context. While some countries continue to grapple with high inflation, many are seeing improvements.

The report highlighted a drop in the median inflation rate across Sub-Saharan Africa—from 7.1% in 2023 to 4.5% in 2024—with a slight increase projected to 4.6% on average for the 2025–2027 period.

“The increase in the interquartile range reflects that some countries still have inflation rates in the double digits or higher—such as Angola, Burundi, Ghana, Malawi, Nigeria, Sudan, and Zimbabwe, among others.”

The World Bank attributed the recent drop in inflation in about 70% of African countries to easing supply chain disruptions, tighter monetary and fiscal policies, and improved currency stability.

“The drop for most countries can be explained by the gradual easing of supply chain pressures, the effects of contractionary monetary and fiscal policy, as well as greater currency stability,” it noted, though adding that “the variability of inflation across countries remains high.”

Ghana’s projected 2025 inflation of 17.2% is higher than the 15% target set under its current programme with the International Monetary Fund (IMF).

However, Finance Minister Dr. Cassiel Ato Forson has expressed optimism about the country’s economic path. Presenting the 2025 budget in March, he announced that significant spending cuts would bring inflation down to 11.9% by the end of the year.