Professional Services firm, Deloitte, has said that the sustained decrease in inflation over the past 12 months suggests that inflation may fall below the medium-term benchmark target of 8%.
They note that the impressive improvement in food and non-food inflation in 2025 was closely linked to strong Ghana Cedi performance and easing imported inflation pressures.
To consolidate these gains, Deloitte said in its assessment of the 2026 budget statement that the Agriculture for Economic Transformation agenda should be accelerated to address structural bottlenecks in domestic food production and reduce the economy’s exposure to imported food price shocks.
Deloitte further noted that emerging global risks, including geopolitical tensions in Europe, the Middle East, and Asia, as well as ongoing trade realignments still pose potential disruptive risks to commodity prices, global inflation, and external financing conditions.
“Government should therefore continue to build external buffers and deploy targeted contingency measures to mitigate spillovers that could undermine domestic price stability. Specifically, Government should consider implementing measures that could mitigate potential downside risks resulting from changes in the global market price of essential commodities like gold, oil and cocoa.
“Overall, with expected inflows from multilateral partners, improved fiscal consolidation, and ongoing monetary restraint, we anticipate that the current stability of the Ghana cedi will be broadly sustained in 2026. However, maintaining this trajectory will require continued vigilance, careful management of external vulnerabilities, and strong implementation of structural reforms to support long-term macroeconomic resilience,” Deloitte said.
Despite the notable progress made in reducing inflation and improving macroeconomic stability, it further said, the average lending rates remain high compared to other markets within the sub region, impacting negatively on the overall cost of doing business in Ghana.
“We note that there are structural issues that, when solved, will sustainably improve the macro-economic fundamentals. This will significantly lower lending risk and lead to sustainably lower lending rates for businesses.
“We recommend a close coordination between monetary and fiscal policy design and implementation to address these structural bottlenecks that will eventually reduce the cost of borrowing,” it suggested.
