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Inflation to peak in March 2023 – Economist

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The increasing rate of inflation is expected to peak in March 2022, Economist and Research Lead at GCB Capital, Courage Boti, has stated.

Inflation shot up by 3.8% to end 2022 at 54.1%, according to data from the Ghana Statistical Service.

However, the rate of increase between November 2022 and December 2022 slowed down.

Speaking to Joy Business, Economist and Research Lead with GCB Capital, Courage Boti, said the general increase in prices of goods and services will reach the highest level in March 2023 after which inflation will witness decline.

According to him, this is likely to happen if the country get a bailout from the International Monetary Fund (IMF) as soon as possible.

“We should see much slower growth in inflation at least for January [2023] and February [2023] and we could be on course for a peak in March [2023]. But the situation is quite fluid”.

“We saw from March [2023], April [2023] last year the rate of inflation was easing but then the depreciation [of the cedi] pressures set in. It appears if we could not achieve an IMF programme as soon as possible, the agitations could reemerge soon and that might mean more currency pressures”, he added.

Five divisions recorded inflation rates higher than the national average.

They were Housing, Water, Electricity, Gas and Other Fuels (82.34%); Furnishings, Household Equipment (71.52%); Transport (71.42%); Personal Care, Social Protection and Miscellaneous Goods and Services (60.94%) and Food and Non-Alcoholic Beverages (59.71%).

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