Goosie Tanoh Predicts Further Drop in Inflation as Ghana Records Lowest Rate Since 2021

Presidential Advisor on the 24-Hour Economy and Accelerated Export Development Programmes, Mr. Augustus "Goosie" Tanoh, has expressed optimism about Ghana’s economic outlook, predicting a continued decline in inflation following the country’s latest record of 13.7% in June 2025 — the lowest in over three years.

Speaking on Channel One TV’s "The Point of View" with Bernard Avle on Wednesday, July 2, Tanoh attributed the downward trend to improved agricultural performance, particularly outside the cocoa sector, which grew by 6.7% in the first quarter.

“We’re likely to see inflation fall even further if agricultural output continues to rise,” he said. “The data supports that trend, and so far, it’s holding.”

■ Sixth Consecutive Decline Signals Economic Stabilisation

June’s inflation dip represents the sixth straight monthly drop and reflects easing price pressures across food, transport, and other key consumer categories. Tanoh stated that the latest figures bring Ghana in line with earlier projections made by both government and monetary authorities.

“With inflation falling from 18.4% to 13.7%, it validates predictions made by Dr. Johnson Asiama [Bank of Ghana Governor] and Finance Minister Dr. Cassiel Ato Forson that we may see year-on-year inflation around 11% by end of year,” he noted.

While the International Monetary Fund (IMF) pegs Ghana’s 2025 inflation at 14%, Tanoh believes government targets are still achievable, provided that food prices remain stable and buffer stock reserves are maintained.

■ Agricultural Strength and Market Strategy Hold the Key

Tanoh underscored the importance of strong harvests in the coming months, adding that strategic buffer stock management and market interventions would be critical in maintaining price stability.

“August typically sees further drops in food prices. If we can ensure strong harvests and build enough buffer stock, we’ll be able to intervene in the market effectively if prices try to spike,” he explained.

He suggested that a proactive strategy—particularly around food production and storage—will allow the government to control inflation more effectively while easing pressure on household budgets.

■ Broader Economic Implications

The sustained disinflation trend has boosted investor confidence and opened up opportunities for a potential easing of monetary policy, which could stimulate borrowing and private sector growth. Analysts say the declining inflation also supports the government’s larger goals under the 24-Hour Economy initiative, which aims to increase productivity and employment through round-the-clock operations in key sectors.

Tanoh’s remarks reflect a broader narrative of economic resilience in Ghana, where strong fundamentals, despite global volatility, are helping steer the country toward greater macroeconomic stability and a more robust recovery in the months ahead.