• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, October 17, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Average Consumer Prices To Remain High, Ending 2022 At 16.3%

M.Cby M.C
April 21, 2022
Reading Time: 3 mins read
M.Cby M.C
in Economy, One Top Story
0
Average Consumer Prices To Remain High, Ending 2022 At 16.3%

Average consumer prices in the country are expected to remain high, well above the Central Bank’s upper target band of 10 percent this year.

According to the International Monetary Fund (IMF), Ghana’s inflation will rise from an estimated end-of-year average of 10 percent in 2021 to 16.3 percent in 2022.

 The Fund however, expects inflationary pressures to ease gradually in 2023 which will see inflation declining marginally to 13.0 percent, even though still above the upper band of the Bank of Ghana’s target of 8±2 percent.

RelatedPosts

Services Sector Dominates Ghana’s 4.5% Economic Growth Amid Industrial Slowdown

Debt Discipline Paying Off? IMF Projects Ghana’s Debt-to-GDP Ratio to Hit 59% by End of 2025

Global Public Debt to exceed 100% of GDP by 2029, build buffers – IMF Warns

With these projections, the Bretton Woods Institution expects average prices in West Africa’s second largest economy to remain above the average for the whole Sub-Saharan African region of 12.2 percent and 9.6 percent for 2022 and 2023, respectively. This means inflationary pressures in Ghana are expected to linger in the next few years, even though Ghana’s average inflation in 2021 was lower than the regional average of 11.0 percent.

Compared to its peer middle-income countries in Africa, average prices in Ghana are among the highest on the continent. Figures from the IMF show that the average inflation rate for middle-income countries in Africa was 5.6 percent in 2021, 4.4 percentage points higher than the estimates for Ghana.

951725 517158 imf2 akhbar

The gap between the figures is expected to remain high, at least, in the next one year. The IMF, in its April 2022 World Economic Outlook, projected average consumer prices  for middle-income countries in Africa to rise to 7.2 percent in 2022 before easing drastically to 5.3 percent in 2023.

ADVERTISEMENT

Zambia is the only country classified by the IMF as a middle-income country in the recent report that had inflation rate higher than Ghana last year. Even that, the IMF expects Zambia’s inflation rate to decline from 20.5 percent in 2021 to 15.7 percent and 9.2 percent in 2022 and 2023, respectively.

Global inflation risks mounting

Global growth continued to recover, supported by accommodative monetary policies, fiscal stimulus packages, and the waning effects of the COVID-19 virus around the world. However, global economic activity faces multiple challenges ahead, reflecting new geopolitical events such as the Russia-Ukraine war.

These challenges have further heightened uncertainties and caused a surge in commodity prices, persisting supply chain bottlenecks on manufacturing output, withdrawal of monetary policy stimulus in some major advanced economies, and vulnerabilities associated with rising debt stocks, especially in emerging market and developing economies.

The surge in commodity prices is biting hard on household consumption in many countries. The elevated inflationary pressures in Ghana resulted in headline inflation rising sharply from 15.7 percent in February 2022 to 19.4 percent in March. Both headline and core inflation are significantly above the upper limit of the medium-term target band of 8±2 percent.

Market in Ghana

The Bank of Ghana earlier warned that “the uncertainty surrounding price developments and its impact on economic activity subsequently weighed down business and consumer confidence”. Upside risks to inflation have mounted in the country with their manifestation in petroleum price adjustments and transportation costs, and exchange rate depreciation.

Meanwhile, BoG cautioned that it’s latest forecast still depicted an elevated inflation profile in the near term, and it expects inflation to fall within the medium-term target band in about 12 months’ time.

Looking ahead, elevated inflation is expected to persist for longer than envisaged, reflecting the effects of the Russia-Ukraine war on energy and food prices and ongoing supply chain disruptions.

READ ALSO: COCOBOD to Hand Over Rehabilitated Farms to beneficiaries, Cocoa Farmers Cheer

Tags: Bank of GhanaCOVID-19IMFinflationRussia-Ukraine
Please login to join discussion
Previous Post

COCOBOD to Hand Over Rehabilitated Farms to beneficiaries, Cocoa Farmers Cheer

Next Post

IGP Explains Why Husband of Osinachi Nwachukwu is Yet to be Arraigned in Court

Subscription Form

Related Posts

Services Sector Dominates Ghana’s 4.5% Economic Growth Amid Industrial Slowdown
Economy

Services Sector Dominates Ghana’s 4.5% Economic Growth Amid Industrial Slowdown

October 16, 2025
Debt Discipline Paying Off? IMF Projects Ghana’s Debt-to-GDP Ratio to Hit 59% by End of 2025
Economy

Debt Discipline Paying Off? IMF Projects Ghana’s Debt-to-GDP Ratio to Hit 59% by End of 2025

October 16, 2025
Global Public Debt to exceed 100% of GDP by 2029, build buffers – IMF Warns
Economy

Global Public Debt to exceed 100% of GDP by 2029, build buffers – IMF Warns

October 16, 2025
Professor Godfred Bokpin, Economist and Professor of Finance at the University of Ghana Business School
Economy

Ghana’s Economy Built to Import, Not Export – Professor Godfred Bokpin

October 16, 2025
Ghana's President John Dramani Mahama with President Xi Jinping of China
General News

Ghana Wins Big from President Mahama’s Visit to China

October 16, 2025
A Brewing Debt Storm Threatens Ghana’s Recent Economic Gains
Economy

A Brewing Debt Storm Threatens Ghana’s Recent Economic Gains

October 15, 2025
GSE Dips 12 Points as NewGold ETF, MTN Ghana, and Access Bank Drag Market Down
Securities/Markets

GSE Dips 12 Points as NewGold ETF, MTN Ghana, and Access Bank Drag Market Down

by M.COctober 17, 2025
Telecel Rejects Minority’s Allegations, Clarifies Role in AT Ghana Operations
General News

Telecel Rejects Minority’s Allegations, Clarifies Role in AT Ghana Operations

by Evans Junior OwuOctober 16, 2025
Hon. Haruna Iddrisu
General News

Government Commits GHS 994 Per Student in Private FSHSs

by Silas Kafui AssemOctober 16, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
USA

Trump To Meet Putin In Hungary For Talks On Ukraine War

by Comfort AmpomaaOctober 16, 2025
Ghana Could Match Vietnam’s Rice Exports – IFS Pushes for Creation of Rice Development Board
Agribusiness

Ghana Could Match Vietnam’s Rice Exports – IFS Pushes for Creation of Rice Development Board

by M.COctober 16, 2025
Ghana to Launch Long-Term Low Emissions Development Strategy – NDPC
Extractives/Energy

Ghana to Launch Long-Term Low Emissions Development Strategy – NDPC

by Bless Banir YarayeOctober 16, 2025
GSE Dips 12 Points as NewGold ETF, MTN Ghana, and Access Bank Drag Market Down
Telecel Rejects Minority’s Allegations, Clarifies Role in AT Ghana Operations
Hon. Haruna Iddrisu
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
Ghana Could Match Vietnam’s Rice Exports – IFS Pushes for Creation of Rice Development Board
Ghana to Launch Long-Term Low Emissions Development Strategy – NDPC

Recent News

GSE Dips 12 Points as NewGold ETF, MTN Ghana, and Access Bank Drag Market Down

GSE Dips 12 Points as NewGold ETF, MTN Ghana, and Access Bank Drag Market Down

October 17, 2025
Telecel Rejects Minority’s Allegations, Clarifies Role in AT Ghana Operations

Telecel Rejects Minority’s Allegations, Clarifies Role in AT Ghana Operations

October 16, 2025
Hon. Haruna Iddrisu

Government Commits GHS 994 Per Student in Private FSHSs

October 16, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation

Trump To Meet Putin In Hungary For Talks On Ukraine War

October 16, 2025
Ghana Could Match Vietnam’s Rice Exports – IFS Pushes for Creation of Rice Development Board

Ghana Could Match Vietnam’s Rice Exports – IFS Pushes for Creation of Rice Development Board

October 16, 2025
Ghana to Launch Long-Term Low Emissions Development Strategy – NDPC

Ghana to Launch Long-Term Low Emissions Development Strategy – NDPC

October 16, 2025
Subscription Form
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.