A market analyst has forecasted a slight rise in inflation for August, despite the decline to 20.9% in July. This projected increase is attributed to the rapid depreciation of the Ghanaian cedi against the US dollar.
The prediction comes ahead of the Ghana Statistical Service’s (GSS) inflation report, set to be released on Wednesday, September 11. Economist and Fixed Income analyst, Wilson Zilevu, in an interview with Citi Business News, suggested that inflation will trend downward from September to the end of the year.
“In August, we expect a slight uptick in inflation, mainly due to the low base effect and some marginal increases in non-food items linked to the cedi’s volatility,” Zilevu explained. However, he emphasized that disinflation should resume in the coming months, supported by the Bank of Ghana’s new centralized platform that provides price guidance to forex bureaux, which is expected to help stabilize the cedi.
