Inflation to average 11.3% in 2027 – Fitch Solutions

Moreover, with the Bank of Ghana explicitly targeting 15 months of import cover by 2028 – a goal Fitch Solutions views as highly ambitious and unlikely to be reached – policymakers will likely seek to maintain a positive real interest rate to support portfolio investment inflows.

In addition, the UK-based firm said the strong El Niño event, which will peak towards the end of 2026, has already begun lifting global food prices and will likely add to imported inflationary pressures in Ghana during 2027.“As inflation accelerates and breaches the 10% mark in Q2 [quarter 2 2027], we expect the BoG to begin tightening, raising the policy rate by a cumulative 200bps [200 basis points] by year-end”, it explained.