Ghana’s inflation projected to stay below 10% for next three to four years – Theo Acheampong

Economist and political risk specialist Dr Theo Acheampong says Ghana’s inflation is projected to remain below 10 per cent over the next three to four years.

Speaking on Joy News’ PM Express on Monday, he pointed to the government’s medium-term fiscal projections. He said these indicated sustained single-digit inflation.

“The forward projection for prices going forward into the next three to four years in the medium-term budget is all within the sub-10 %.”

His comments followed a question about whether the government could guarantee price stability in 2027 and 2028.

Dr Acheampong responded by referring to the budget framework and its economic expectations. His answer set out a projection, rather than an unconditional guarantee.

“So, as I said, the government is going to present the 2027 Budget just next week.”

He explained that the budget’s medium-term fiscal framework outlines expectations for growth, inflation, the size of the economy and fiscal balances.

He also referred viewers to the previous budget projections, inviting them to check his account against the 2025 budget.

For workers, he linked the inflation outlook to the value of future salary increases. He argued that a sustained single-digit inflation environment would leave them better off, on average, with wage increases of 9 or 10 per cent.

“So basically, you're still in a single-digit inflation environment, and to the extent that that still stays, and you can still offer workers 9%, you can still offer them 10%.”

His argument rested on that inflation outlook holding. The projected rate of price increases would therefore determine how much benefit workers receive from subsequent pay adjustments.