The World Bank has projected a 17.2% inflation rate for Ghana in 2025, according to its April 2025 Africa Pulse Report. This forecast exceeds the International Monetary Fund’s (IMF) target of 15% for the same year.
Despite the high estimate, the World Bank expects a sharp decline in Ghana’s inflation over the next two years. It forecasts inflation to drop to 9.4% in 2026 and further down to 8.0% by 2027.
Ghana remains among 14 countries in Sub-Saharan Africa with double-digit inflation. Others include Angola, Ethiopia, Malawi, Nigeria, Sudan, and Zimbabwe. However, the World Bank anticipates this number will shrink to just six countries by 2027, as inflation gradually converges toward target levels across the continent.
The report warns, though, that global economic risks could disrupt this downward trend. It highlights that the implementation of more restrictive trade policies worldwide could reignite inflationary pressures in some African economies.
Despite these risks, the overall inflation outlook for the region shows improvement. The median inflation rate in Sub-Saharan Africa fell from 7.1% in 2023 to 4.5% in 2024. The rate is expected to stabilize slightly at an average of 4.6% between 2025 and 2027.
According to the World Bank, around 70% of countries in the region recorded a slowdown in inflation in 2024. This improvement is largely due to easing global supply chain constraints, tighter monetary and fiscal policies, and more stable currencies. Still, the variability in inflation rates across countries remains high.
