Professional services firm, Deloitte, has reiterated that the persistent rise in inflation in Ghana and Nigeria will hinder economic growth.
This is because businesses are experiencing increased costs, whilst consumers are cutting back on spending.
Therefore, it believes monetary policy is expected to continue in Nigeria. At the same time, the Bank of Ghana is likely to maintain the status quo with a possible rate hike if inflation continues to rise.
Rising food prices pushed Ghana’s inflation higher to 23.8% in December 2024, the 4th consecutive increase.
Nigeria’s headline inflation also surged to 34.80% on festive-related spending.
In its inflation update, Deloitte West Africa said “The underlying inflation pressures, driven by food price volatility, exchange rate fluctuations and global commodity prices, are expected to persist in 2025”.
