Professor William Baah-Boateng, an economist, has projected that Ghana’s inflation could decline further to around 9% by the end of 2025, provided exchange rate stability is maintained.

His comments follow the latest report from the Ghana Statistical Service (GSS), which revealed that headline inflation eased to 11.5% in August 2025, down from 12.1% in July. This marks the eighth consecutive month of decline, bringing inflation below the government’s end-of-year target of 11.9% and signaling stronger price stability.

The August figure is the lowest in nearly four years, with month-on-month inflation showing a 1.3% drop, offering some relief to households grappling with the cost of living.

Speaking on The Point of View on Monday, September 8, 2025, Prof. Baah-Boateng attributed the sustained decline to a mix of favorable economic and seasonal factors.

“If we have month-on-month inflation coming down, then it is good. But it is attributed to a number of factors,” he explained.

He pointed to the cedi’s appreciation earlier this year as one of the key influences.

“Appreciation happened between April and May. So you expect that by July and August, the effect on prices will not be as much as before, but it will still have some impact,” he said.

The economist also highlighted the start of the harvest season as a major driver of falling food prices.

“From the food end, we will continue to harvest, which is good for us, especially as we have had quite reasonable rain,” he added.

According to him, prudent fiscal management and restrained expenditure have also contributed to easing inflationary pressures, while the Bank of Ghana’s cautious stance on demand-side interventions has reinforced the gains.

“I expect that where it has been, if the exchange rate does not misbehave and we are able to keep it at GH?12 till the end of the year, we should end the year with an inflation rate of 9%,” Prof. Baah-Boateng projected.