Goosie Tanoh Predicts Further Inflation Drop Amid Strong Agricultural Growth
The Presidential Advisor on the 24-Hour Economy and Accelerated Export Development Programmes, Mr. Augustus Goosie Tanoh, has expressed optimism that Ghana’s inflation rate will continue to fall in the coming months, following its notable decline to 13.7% in June 2025.
This marks the sixth consecutive monthly drop and the lowest inflation rate since December 2021, largely driven by reduced food prices and easing price pressures across major consumer categories.
Speaking on The Point of View with Bernard Avle on Channel One TV on Wednesday, July 2, Mr. Tanoh stated that the current inflation trajectory points to further declines, especially if agricultural growth remains steady.
“I think we’re going to see even more inflation dropping because of the agricultural figures we were seeing, outside of cocoa. I think it grew by 6.7% in the first quarter. If it continues from what we were seeing,” he said.
Inflation Could Hit 11% Soon — Tanoh
Mr. Tanoh added that this downward trend is consistent with the forecasts made by top government economic officials.
“With the drop in inflation from 18.4% to 13.7%, as was reported on July 2, then basically, maybe Dr. Johnson Asiama, the Bank of Ghana Governor’s prediction, and Dr. Ato Forson, Minister of Finance’s prediction, that we may be heading towards an 11% year-on-year inflation rate, is probably accurate,” he added.
While the International Monetary Fund (IMF) projects 14% inflation for Ghana, Mr. Tanoh believes that the government’s target is achievable if strong harvests continue and food prices remain stable.
Caution on Buffer Stocks and Market Stability
He further stressed the need for adequate buffer stocks and proactive market interventions to cushion any unexpected price hikes.
“The fund is saying 14% and others are saying 14.9%, but I think that if the trajectory continues, and because that is happening and because the cost of goods will probably keep dropping, particularly food. From August, things tend to drop. The important thing is to generate the requisite harvest and buffer stock that allows you to intervene in the market if prices try to whip up along the normal grade we have,” Mr. Tanoh emphasized.
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