Also, the Bank’s updated Composite Index of Economic Activity (CIEA) showed a strong pickup in the year to July. Ghana recorded a trade surplus of $ billion at the end of August. Headline inflation broadly  declined and has ranged between 9.6 and 9.9 percent over the past five months, despite the marginal upticks occasioned by adjustments in administered prices. 6.
Therefore, looking ahead, it is crucial that the social partners continue to meet their responsibilities in this regard, also in the context of a more favourable economic environment. Further input into our assessment of the outlook for price developments is again provided by the March ECB staff projections.