GCB Market Research says it expects the disinflation process to continue ahead of the release of Ghana’s November 2023 CPI inflation at midweek.
Both headline and core inflation have declined sharply thus far in 2023, but at 35.2%, headline inflation is still elevated, necessitating keeping a continuously tight monetary policy stance to anchor the disinflation process.
With a broad decline in food and non-food inflation firmly in motion and the cost- side and demand-side pressures receding through the second half 2023, GCB Market Research also expect a sharp decline in headline inflation below the 30% mark.
Headline inflation could print near 26%, restoring positive real returns on T-bills and quickening the anticipated correction in nominal yields in 2024, all things being equal.
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