Ghana ranks 8th among 10 African countries with inflation projections for 2024
Many African nations have struggled to keep steady inflation rates in the face of economic complications. But things seem to be turning around now that some regional efforts are aimed at bolstering the optimistic inflation forecasts for the future.
Businesses in high-inflationary situations confront several obstacles, including in African countries. Inflation and economic uncertainty can disrupt industrial processes, raise input costs, and reduce profit margins.
Furthermore, unpredictable currency rates and inflationary pressures might discourage investment and impede economic growth.
In a study titled Africa’s Macroeconomic Performance and Outlook 2024, the African Development Bank emphasized the African economy’s economic trajectory by projecting key economic indices for each African country.
The research provided an optimistic view of Africa’s economic growth, claiming that “Africa will account for eleven of the world’s twenty fastest-growing economies in 2024.
Africa continues to face several challenges including the rise of inflation. There, however, exist some countries on the continent tackling this issue successfully.
Many African nations have struggled to keep steady inflation rates in the face of economic complications. But things seem to be turning around now that some regional efforts are aimed at bolstering the optimistic inflation forecasts for the future.
Despite that, the African Development Bank’s research shows that some African countries are bound to struggle with inflation.
With an end-year inflation projection of 17%, Ghana ranks as the 8th African country with the highest inflation rate on the Continent.
With that said, here is the list of African nations with the highest expected rates of inflation in 2024.
| Rank | Country | Inflation % |
|---|---|---|
| 1. | Sudan | 119.8% |
| 2. | Egypt | 27.7% |
| 3. | Sierra Leone | 26.3% |
| 4. | Malawi | 21.0% |
| 5. | Nigeria | 20.4% |
| 6. | Angola | 19.3% |
| 7. | Ethiopia | 18.4% |
| 8. | Ghana | 17.1% |
| 9. | Zimbabwe | 16.4% |
| 10. | Burundi | 12.0% |
Source:norvanreports
