Inflation falls to 9.4%, first single-digit rate in four years
Ghana’s consumer price inflation has fallen into single digits for the first time in four years, marking a significant milestone in the country’s fight against persistent price pressures.
The year-on-year inflation rate dropped to 9.4 per cent in September 2025, down from 11.5 per cent recorded in August. This is the lowest reading since August 2021 and extends a nine-month streak of declines.
According to the Ghana Statistical Service (GSS), the sharp slowdown was driven mainly by easing food prices.
Food inflation fell to 11.0 per cent in September from 14.8 per cent in the previous month, reflecting improved supply conditions and moderating pressures in key staples. Non-food inflation also edged lower, easing to 8.2 per cent from 8.7 per cent in August.
The consistent decline means inflation has already beaten government’s full-year target, offering welcome relief to households and businesses that have endured years of high costs.
The last time Ghana recorded single-digit inflation was in August 2021, after which the economy was hit by overlapping shocks from the COVID-19 pandemic, global commodity price surges and domestic fiscal imbalances.
Inflation spiked to over 50 per cent in late 2022, eroding purchasing power and prompting aggressive policy tightening by the Bank of Ghana.
Since then, the central bank has maintained a tight monetary stance, complemented by government’s fiscal consolidation efforts under the IMF-supported programme.
Improved food harvests, exchange rate stability and a moderation in fuel costs have all contributed to the downward trend.
