Inflation could fall sharply to below 40% by April 2023.

According to a Senior Credit Research Analyst at REDD Intelligence, Mark Bohlund, his base effects analysis indicate that inflation will fall by more than 10 percentage points by April 2023.

"The inflation rate has declined for two straight months and may fall more sharply to below 40% by April due to base effect"s, said Mark Bohlund, a senior credit research analyst at REDD Intelligence.

Bloomberg said the Ghana cedi, which whipsawed in 2022 over concern about its ballooning debt load and then optimism about a provisional International Monetary Fund bailout, has been relatively steady this year, helping to keep inflation in check.

Year-on-year Inflation for the month of February 2023 slowed down to 52.8%, the Ghana Statistical Service has pointed out.

This was a reduction from the January 2023 estimate of 53.6%.

The fall was the second consecutive time that the rate dropped in 20 months.

Five divisions recorded inflation rates higher than the national average. They are Transport (70.3%); Furnishings, Household Equipment (69.8%); Housing, Water, Electricity, Gas and Other Fuels (69.6%); Personal care, Social Protection and Miscellaneous Services (62.5%) and Food and non-Alcoholic Beverages (59.5%).