By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Hot Fm Ghana
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Sports
  • Audio Downloads
  • Videos
  • Hotfm TV
Reading: Inflation Rate To Be Lower From February Or March In Ghana – Reuter Report
  • Follow Us
Hot Fm GhanaHot Fm Ghana
Font ResizerAa
Search
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Sports
  • Audio Downloads
  • Videos
  • Hotfm TV
Follow US
© 2024 Hot FM Ghana. All Rights Reserved | Powered By: WeWrite Technologies.
Hot Fm Ghana > Business > Inflation Rate To Be Lower From February Or March In Ghana – Reuter Report
BusinessTop stories

Inflation Rate To Be Lower From February Or March In Ghana – Reuter Report

WeWrite Ghana
By WeWrite Ghana Published January 27, 2023
Share
SHARE

The Bank of Ghana, wrestling with runaway inflation, is expected to deliver another hefty interest rate hike at its meeting later this month, with the country’s currency and public finances still under pressure, a Reuters poll of economists showed.

Nigeria’s central bank, meanwhile, is due to hold its key rate steady at the conclusion of its meeting later on Tuesday. The Central Bank of Kenya is also expected to keep rates steady at its meeting later this month.

The median forecast from a survey of eight analysts taken Jan. 18-23 points to the Bank of Ghana raising rates 175 basis points to 28.75%, with only two expecting the bank to hold at 27.00% and the rest opting for a hike in a 100-400 basis point range.

“In Ghana, despite the central bank delivering 1,350 basis points of interest rate hikes, inflation has continued to rise,” said Virág Fórizs at Capital Economics.

Ghana’s consumer inflation surged to 54.1% in December, its highest level in 22 years, driven by fuel, utilities and food.

“With price pressures showing no sign of easing, we expect policymakers to raise the benchmark rate further,” said Fórizs.

Rates in Ghana are expected to rise another 25 basis points to 29.00% in March, then stay steady in May. The central bank is then forecast to cut them by 1 percentage point each in the third and last quarter of this year.

Pieter du Preez, a senior economist at Oxford Economics, said developments in the Ghanaian economy are unique at this stage and cannot be directly compared to other economies and central bank decisions elsewhere, where the trend is to slow the pace of tightening.

“The cedi appreciating in December will aid in driving inflation lower, but we only forecast this to happen from February or March onwards,” du Preez said.

Ghana’s cedi was the world’s worst-performing currency last year.

In Nigeria, Africa’s largest economy, the benchmark rate is due to hold steady at a much more modest 16.5% after four straight rate rises at its previous meetings.

Seven analysts in the poll expected that outcome, while three expected a 50 basis point hike and one said rates would rise by 100 basis points.

“In Nigeria, policymakers have been itching to end the tightening cycle and we think the fall in the headline inflation rate in December will give MPC members ammunition to do so,” said Capital Economics’ Fórizs.

Annual inflation in Nigeria dipped in December to 21.34% after 10 straight monthly increases.

But after February general elections in Nigeria, the policy rate is expected to rise in March by 25 basis points to 16.75% and again in May by 50 basis points to 17.25%, and by another 25 basis points to 17.50% in the third quarter.

In east Africa’s biggest economy, Kenya’s central bank is expected to also hold rates steady at 8.75% on Jan. 30, based on six out of nine analysts’ expectations. The remaining three expect a hike in a 25-75 basis point range. Rates were seen steady for the rest of the year.

In a separate poll, South Africa’s Reserve Bank is expected to raise its repo rate for the last time in this cycle in anticipation of slower inflation, adding 50 basis points on Jan. 26.

Reuters poll: Ghana monetary policy

You Might Also Like

[Video] Drinking too much water damages the kidneys,liver – Dr. Aki warns

Cyber Security Authority busts fraud gang near Dodowa

Akwatia MP Ernest Kumi is dead

Liverpool Star Diogo Jota dies in car crash 10 days after wedding

I won’t flop like Lord Paper – V12 Origenator replies DKB over ‘TONGA’ video criticism

TAGGED:Inflation
Share This Article
Facebook Twitter Email Copy Link Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

More Popular from Foxiz

NewsTop stories

Covid-19: Heavy security at Accra Girls SHS as parents troop there to withdraw their wards [photos]

By WeWrite Ghana 2 Min Read

I’ll Encourage The Youth To Do Songs Like Stonebwoy’s ‘Putuu’ When Elected President -Akpaloo

By WeWrite Ghana
NewsTop stories

[Video] Drinking too much water damages the kidneys,liver – Dr. Aki warns

By Reagan Mends 2 Min Read
- Advertisement -
Ad image
Entertainment

HOT VIDEO: Tiisha Reveals Her Type Of Guy After Claiming To Be Single

Zylofon Media’s newest and freshest female artist, Tiisha Bentil aka Tiisha has disclosed her type of…

By WeWrite Ghana
Entertainment

HOT VIDEO: Tiisha Reveals Her Type Of Guy After Claiming To Be Single

Zylofon Media’s newest and freshest female artist, Tiisha Bentil aka Tiisha has disclosed her type of…

By WeWrite Ghana
Entertainment

I’ll Encourage The Youth To Do Songs Like Stonebwoy’s ‘Putuu’ When Elected President -Akpaloo

  The Founder and leader of the Liberal Party of Ghana (LPG), Percival Kofi Akpaloo has…

By WeWrite Ghana
NewsTop stories

Covid-19: Heavy security at Accra Girls SHS as parents troop there to withdraw their wards [photos]

There is heavy security presence at the Accra Girls Senior High School (SHS) as some parents…

By WeWrite Ghana
EntertainmentNewsTop stories

Singer Afriyie Wutah ties the knot

Afriyie Wutah, a member of the defunct music duo, Wutah, is officially off the bachelor’s list…

By WeWrite Ghana
Hot Fm Ghana

Hot FM is a privately owned radio station in Accra, Ghana. Hot FM broadcasts both on 93.9 FM and online.

Top Stories

[Video] Drinking too much water damages the kidneys,liver – Dr. Aki warns
July 8, 2025
Cyber Security Authority busts fraud gang near Dodowa
July 8, 2025
Akwatia MP Ernest Kumi is dead
July 7, 2025

Politics

Akwatia MP Ernest Kumi is dead
July 7, 2025
NIB invites NAPO for interrogation over tenure as Education Minister
June 4, 2025
Ato Forson tables bill to increase Energy Sector Levy under urgency
June 4, 2025

Entertainment

I won’t flop like Lord Paper – V12 Origenator replies DKB over ‘TONGA’ video criticism
July 2, 2025
My ‘TONGA’ music video is not ‘Porno’ – V12 Origenator replies DKB [Video]
June 25, 2025
APLA names Sparqlyn 2025 African Best Ghanaian Musician
June 24, 2025

© 2025 Hot FM Ghana. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?