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West Africa Inflation Update Nigeria (22.22%) Ghana (41.2%)

Inflation report

Nigeria's inflation rate increased to a 17-year high of 22.22% in April 2023, largely driven by the ongoing planting season, which is affecting the food basket. On the other hand, Ghana’s inflation fell to a 6-month low of 41.2%, due to a stable Cedi and base effect. 

Both countries will hold their Monetary Policy Committee meetings later this month. The monetary authorities are projected to maintain the status quo on the current policy stance. The Bank of Ghana (BoG) is more likely to leave its benchmark interest rate unchanged, rather than the Central Bank of Nigeria (CBN), due to the steady decline in Ghana’s inflation. 

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