GhanaInflationInsightsMacroeconomic update

14 October 2022

Ghana’s September Inflation: It’s not hot…It’s scorching

In brief

  • Ghana’s headline inflation comes in at 37.2% for September 2022.


  • While we cannot compare the latest inflation with the previous CPI series, the inflation rate of 37.2% gives us a familiar feel amidst the continued price pressure.


  • The intensified costs and exchange rate pass-through thus far in 2022 remained unquenchable by a modest crop harvest bedevilled by challenges with fertilizer supply.


  • Although we hold an upside view on near-term inflation, we reckon the pace of increase could be more modest than what was observed under the old CPI series.


  • The latest inflation print could further dampen an already subdued domestic bond market with a potential upward repricing in offer yields, which currently lags behind inflation.