GCB
Capital
has
indicated
that
the
short-term
inflation
outlook
is
uncertain
despite
ongoing
disinflation.
While
the
firm
anticipates
the
disinflation
trend
to
persist
in
the
second
half
of
2024,
inflation
levels
remain
high.
In
June
2024,
inflation
decreased
to
22.8%.
However,
GCB
Capital
expects
that
increased
cedi
liquidity,
driven
by
the
election
momentum
in
the
latter
half
of
2024,
could
heighten
inflationary
pressures.
As
a
result,
the
possibility
of
a
slight
rate
cut
in
July
2024
is
considered
remote,
with
more
likelihood
for
such
a
move
in
the
policy
windows
of
September
and
November
2024.
The
firm
also
expects
nominal
interest
rates
to
decline
slowly
over
this
period.