Fitch Solutions forecasts Ghana's inflation will climb to 9% by end-2026, citing renewed cedi weakness despite the country's recent disinflation gains.

The projection was presented by Associate Director Mike Kruiniger during PwC Ghana's webinar on the 2026 Mid-Year Budget Review. He said the recent sharp decline in inflation had been largely supported by the cedi's strong performance, warning that the trend may not be sustained.

"Now, based on the new stance of the Bank of Ghana, in the coming months, we don't expect the cedi to stabilise strongly," Mr Kruiniger said, suggesting that renewed exchange rate pressures could push consumer prices higher.

Fitch Solutions' forecast is notably above the government's outlook. Finance Minister Dr Cassiel Ato Forson has maintained that inflation will decline to 5% by December 2026 despite continuing geopolitical tensions in the Middle East.

Speaking on Joy News' PM Express on 23 July 2026, Dr Forson expressed confidence that inflation would continue on a downward trajectory, reflecting the government's economic management and policy measures.

Looking beyond this year, Fitch Solutions expects inflationary pressures to strengthen further, forecasting inflation to reach 13.2% by the end of 2027.

The firm attributes the projected increase to stronger domestic demand, rising imported inflation resulting from a weaker cedi on a year-on-year basis, and higher food prices linked to El Niño-related weather disruptions.