Ghana National Chamber of Commerce and Industry (GNCCI) CEO Mark Badu-Aboagye has said that Ghana’s single-digit inflation offers some comfort.
The GNCCI CEO, however, warned that rising inflation in locally manufactured goods shows pressure on businesses has not eased enough.
According to him, business conditions have improved, but the rise in inflation for local goods showed the recovery remained incomplete.
Speaking on Joy News’ PM Express Business Edition, Mark Badu-Aboagye stated, “If you look at the numbers, the cost of locally manufactured goods, the inflation for it went up a bit, which should tell you that we are still not out of the woods yet.”
“Relatively, business has been good. Things are a bit better as compared to previous years.”
He further disclosed that businesses had also contributed to single-digit inflation by limiting price increases.
“So if you see inflation at a single digit, among other factors, the fact that businesses have not been increasing their prices excessively.”
He, however, pointed to the national average of 5.5 per cent, admitting that some regions recorded higher inflation.
“There are outliers. Some may have higher inflation, even in the regional context.”
Mark Badu-Aboagye identified exchange rate stability as a significant contributor to lower inflation. Production costs had also played a role.
He, however, argued that additional tariff relief, alongside the tax measures, could have brought down the cost of locally manufactured goods.
“Inflation would have been a bit lower,” he said.
In related news, the International Monetary Fund (IMF) has welcomed Ghana’s improving economic conditions, pointing to strong growth, declining inflation and better public finances, but has also raised concerns about falling foreign exchange reserves and fiscal pressures in key sectors.
In a statement issued on Thursday, the Fund announced that it had reached a staff-level agreement with Ghana on the first review of the country’s Policy Coordination Instrument (PCI), following discussions held in Accra from October 22 to November 4.
The IMF described Ghana’s economic recovery as encouraging, suggesting that improvements in key macroeconomic indicators were helping to establish a more stable economic environment.
IMF Mission Chief Ruben Atoyan stated, “Macroeconomic stability is becoming entrenched”.
The agreement, however, remains subject to approval by IMF Management and the Executive Board.
IMF highlighted Ghana’s economic growth as one of the major achievements, revealing that the economy expanded by 6.2 per cent in the first half of 2026, largely driven by investment.
According to the IMF, Ghana is projected to record an overall growth rate of 5.7 per cent for the full year.
The fund highlighted that inflation has declined to 5.5 per cent in October, placing it below the Bank of Ghana’s target range of six to 10 per cent.
The IMF further commended the government’s fiscal management, noting that the country was on course to achieve its targeted primary surplus by the end of the year, while public debt had remained relatively low following significant reductions in recent years.
“The fiscal position is strong, with the primary surplus on track to meet the end-year program target, and public debt remains low following rapid declines in recent years.”
According to the Fund, the improvements in economic conditions, coupled with the financial buffers accumulated by the country, had helped Ghana absorb some of the external economic shocks associated with the war in the Middle East.
The IMF also gave a positive assessment of the country’s performance under the PCI, indicating that most of the quantitative targets for the first review had been achieved.
“Performance under the PCI has been broadly satisfactory. Most quantitative targets under this review are met.”
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