{"id":161869,"date":"2024-03-13T15:11:56","date_gmt":"2024-03-13T15:11:56","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/03\/13\/bog-predicts-13-17-inflation-by-december-2024\/"},"modified":"2024-03-13T15:11:56","modified_gmt":"2024-03-13T15:11:56","slug":"bog-predicts-13-17-inflation-by-december-2024","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/03\/13\/bog-predicts-13-17-inflation-by-december-2024\/","title":{"rendered":"BoG Predicts 13- 17% Inflation By December 2024"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Dr. Ernest Addison, BoG Governor<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>The Bank of Ghana is forecasting a progressive decline in headline inflation by the end of 2024.<\/p>\n<p>According to the Central Bank, inflation is expected to fall to between 13 \u2013 17%, before gradually trending back to within the medium-term target range of 6 \u2013 10% by 2025, barring any shocks.<\/p>\n<p>This was contained in the BoG January 2024 Monetary Policy Report.<\/p>\n<p>The report indicated that the major risk to the inflation outlook is linked to the escalation of geopolitical tensions and potential spillovers to the commodities markets, especially international crude oil prices, which could undermine the disinflation process.<\/p>\n<p>However, it said there are clear indications that the current macroeconomic framework being implemented with the support of the International Monetary Fund-Economic Credit Facility programme is yielding results.<\/p>\n<p>\u201cIn the outlook, the disinflation process is expected to continue, although inflation is expected to remain above the upper band of the medium-term target of 8\u00b12 percent until 2025,\u201d it pointed out.<\/p>\n<p>\u201cAll the Banks\u2019 [Central] measures of core inflation are on a downward trend and projected to decelerate further, indicating a continued easing of underlying inflationary pressures,\u201d it added.<\/p>\n<p>Moreover, the Bank of Ghana said improved forex inflows from the IMF-ECF disbursements, receipt of the cocoa syndicated loan, and expected funding from the World Bank will improve foreign exchange inflows.<\/p>\n<p>\u201cAlso, the Gold for Reserves programme, repatriation of foreign exchange from the mining and oil companies, and a reduction in debt service payments, would provide additional support towards reserve build-up and, in turn, exchange rate stability to help anchor the disinflation process,\u201d it concluded.<\/p>\n<p>Inflation went up marginally in January 2024 to 23.5% as it resumed the upward trajectory, data from the Ghana Statistical Service (GSS) has revealed.<\/p>\n<p>This follows five consecutive months of decline.<\/p>\n<p>According to the GSS, the increase in year-on-year inflation was influenced by a sharp surge in non-food items including housing, clothing and transport. Non-food inflation increased to 20.5% in January 2024 from 18.7% in December 2023.<\/p>\n<p><strong>A Daily Guide Report<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Ernest Addison, BoG Governor \u00a0 The Bank of Ghana is forecasting a progressive decline in headline inflation by the end of 2024. According to the Central Bank, inflation is expected to fall to between 13 \u2013 17%, before gradually trending back to within the medium-term target range of 6 \u2013 10% by 2025, barring [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":93658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-161869","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG Predicts 13- 17% Inflation By December 2024 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/03\/13\/bog-predicts-13-17-inflation-by-december-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG Predicts 13- 17% Inflation By December 2024 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr. Ernest Addison, BoG Governor \u00a0 The Bank of Ghana is forecasting a progressive decline in headline inflation by the end of 2024. 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