ACCRA, Aug 6 – Ghana’s annual inflation rate eased to 4.6% in July, down from 5.3% in June, marking the first monthly decline since March as slower food price inflation helped moderate consumer price growth.
Data released by the Ghana Statistical Service showed that easing food prices were the primary driver behind the decline in headline inflation.
Government Statistician Alhassan Iddrisu said the moderation reflected a broad slowdown in price increases, particularly for food items.
According to Iddrisu, “In the space of 12 months the speed at which prices are rising has fallen by more than half.”
The latest reading represents a significant improvement from 12.1% recorded in July 2025, highlighting the country’s progress in bringing inflation under control.
The statistics service noted that more than 86% of Ghana’s inflation is driven by goods and services produced domestically, meaning local cost factors such as transport and energy prices continue to play a dominant role in determining overall inflation.
The easing in inflation comes as the gold, oil and cocoa-producing nation continues to recover from its most severe economic crisis in decades.
Last month, Ghana’s Ministry of Finance maintained its key macroeconomic targets during its mid-year budget review, stating that the country’s economic recovery remains on course.
The latest inflation data also follows the Bank of Ghana’s decision in July to leave its benchmark interest rate unchanged for the second consecutive monetary policy meeting.
The central bank said it remained vigilant to ensure inflation stays within its 6% to 10% medium-term target range, underscoring its commitment to maintaining price stability despite recent improvements.
The continued moderation in inflation is expected to support consumer purchasing power and reinforce confidence in Ghana’s broader macroeconomic recovery, although policymakers are likely to remain cautious amid ongoing domestic and external economic risks.
