The persistent rise in inflation in Ghana and Nigeria will stifle economic growth, Deloitte West Africa has revealed in its November 2024 Inflation Update.
According to the leading professional services firm, businesses face higher costs while consumers have cut spending, worsening the ongoing cost of living crisis.
This is coming after inflation in Ghana surged for the third-consecutive month to 23%, driven by rising food prices and election spending.
Headline inflation in Nigeria also rose to 34.60%, reflecting a further increase in the cost of goods and services.