Ghana’s inflation rate fell to 4.6% in July from 5.3% in June, marking the first monthly decline since March as slower food price growth helped ease pressure on consumers.
The latest figures from Ghana’s statistics service show a sharp improvement from a year earlier, when annual inflation stood at 12.1%.
The statistics service said the slowdown was driven partly by lower food inflation. It also noted that most of Ghana’s inflation comes from locally produced goods and services, making transport and energy costs important factors in the country’s price outlook.
Ghana, a major producer of gold, oil and cocoa, is continuing its recovery from one of its worst economic crises in decades.
The Finance Ministry said its key economic targets remain unchanged and that the recovery remains on track.
Ghana’s economy has been recovering since the country entered an International Monetary Fund programme in 2023. The programme followed Ghana’s debt default in 2022, after the COVID-19 pandemic and the economic impact of Russia’s war in Ukraine intensified pressure on the economy.
The decline in inflation adds to signs of improving economic stability as the government continues to implement reforms and manage its public finances.
Ghana also returned to the local bond market in April, launching a seven-year cedi-denominated Treasury bond to support the country’s 2026 budget.
The continued moderation in inflation could provide further support for consumer purchasing power and economic activity, while strengthening investor confidence as Ghana works to consolidate its recovery.
