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Ghana inflation seen exceeding 20% by year-end, Databank research says

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Ghana’s inflation rate is likely to remain above 20% by the end of 2024, exceeding earlier market projections, according to Databank Research’s latest Quarterly Strategy Report.

The research firm projects inflation could reach as high as 23.5%, driven by fuel prices and a troubled cedi, with 19.5% being the most optimistic scenario. This contrasts with the Bank of Ghana’s January forecast, which anticipated inflation easing to 13-17% by year-end.

Ghana’s inflation rate has been sticky since the start of 2024, beginning the year at 23.2% and currently at 22.8%. Economic watchers attribute this trend to fuel price hikes and currency depreciation.

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