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Deloitte West Africa forecasts that the Bank of Ghana (BoG) may cut the Monetary Policy Rate (MPR) from its current 27% when it announces key economic developments on March 28, 2025.
In its analysis of Ghana’s and Nigeria’s inflation outlook, Deloitte noted that declining global commodity prices are expected to lower domestic fuel prices, creating room for a potential rate cut.
A reduction in the MPR would likely ease the cost of credit and reduce operational costs for businesses. However, Deloitte recommends a review of fuel taxes such as the Special Petroleum Tax and the Price Stabilisation and Recovery Levy to keep fuel prices affordable.
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Ghana’s inflation fell for the second consecutive month to 23.1% in February 2025, with both food and non-food sub-indices declining. While this suggests the start of a sustained downward trend, inflation remains above the BoG’s target of 8% ± 2.
Deloitte also highlighted that as inflation continues to decline, real returns on investments will improve, boosting investor confidence.
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