Finance and tax analyst Nelson Cudjoe Kuagbedzi is projecting a marginal increase in Ghana’s inflation rate to around 5% in August, citing renewed geopolitical tensions in the Middle East and their potential impact on fuel prices.
Ghana’s annual headline inflation eased to 4.6% in July 2026, from 5.3% in June, with food inflation declining to 3.1% and non-food inflation standing at 6.1%.
However, Mr. Kuagbedzi says the recent increase in fuel prices could put some upward pressure on inflation in August.
Speaking in an interview, he said pump prices remain a key indicator of movements within the wider economy, particularly because of their impact on transportation and other business costs.
“Even though transportation prices have not been increased, I expect a marginal increase in inflation for the month of August. But I don’t foresee inflation going beyond 5% by the end of August.”
Mr. Kuagbedzi explained that the outlook will largely depend on developments in the Middle East and their effect on global oil prices.
He noted that any easing of geopolitical tensions could lead to a reduction in fuel prices, helping to contain inflationary pressures.
“If the geopolitical tensions actually recede in the Middle East, then we expect prices at the pump to also come down marginally, and that will fit into the inflationary expectation for the month of August.”
