Disinflation in Ghana Remains on Track

Ghana’s annual inflation rate eased to 3.8% in January 2026 from 5.4% in December 2025, marking the 13th consecutive month of slowing inflation and the lowest level since the CPI was rebased in 2021. Inflation moderated for both food and non-alcoholic beverages (3.9% vs 4.9% in December 2025) and non-food prices (3.9% vs 5.8%), reinforcing signs of improving price stability. Inflation now sits well below the Bank of Ghana’s 8% target band, leaving room for further easing after cumulative rate cuts of 12.5 percentage points since July 2025. The sustained disinflation highlights Ghana’s recovery as it moves toward completing its IMF-supported programme later this year. On a monthly basis, the CPI rose 0.2% in January, following a 0.9% increase in each of the previous two months.

Ghana's annual inflation rate fell further to 5.4% in December 2025, a fresh low since July 2022, from 6.3% in November. This marked the 12th consecutive month of slowing inflation, largely attributable to a strengthening currency. Food inflation eased to 4.9% from 6.6% in November, while non-food price growth slowed to 5.8% from 6.1%. On a monthly basis, the CPI rose by 0.9% in December, the same pace as in the previous month.

Ghana's annual inflation rate decelerated for the 11th month running to 6.3% in November 2025, from 8% in October, largely due to a more favorable exchange rate. Higher cocoa and gold prices have contributed to a stronger cedi this year. Food inflation eased to 6.6% from 9.5% in October, while non-food price growth slowed to 6.1% from 6.9%. On a monthly basis, the CPI increased by 0.9% in November, after a 0.4% fall in the prior month.