Ghana is steadily narrowing the gap toward single-digit inflation, with consumer prices falling to 11.5% in August—its lowest annual rate since October 2021. This marks the eighth straight monthly decline, down from 12.1% in July, according to data from the Ghana Statistical Service.
The cumulative drop in inflation, which peaked at 23.8% in late 2024, underscores the impact of Ghana’s monetary tightening and improved macroeconomic conditions. The Bank of Ghana pushed rates lower with a historic 300 basis-point cut to 25% in July—its largest reduction to date—citing growing confidence in the sustained disinflation trajectory.
Central to the stabilisation have been lower food and non-food prices, supported by a resilient cedi (which has appreciated significantly this year) and easing energy costs.
Economist firm projections are hopeful. Deloitte forecasts that Ghana could end the year with inflation slipping into the single digits, unlocking space for further rate cuts to spur growth.
While optimism grows, inflation catch-up risks remain—particularly if late-year utility tariff hikes or global shocks materialize. Still, as inflation edges closer to the elusive single-digit mark, Ghana’s economy appears to be regaining stable ground.