Inflation falls for 13th consecutive month to 3.8% in January

Ghana’s headline inflation rate declined for the thirteenth consecutive month to 3.8 per cent in January 2026, according to the latest data released by the Ghana Statistical Service (GSS).

The Government Statistician said the figure represents the lowest inflation rate recorded since the rebasing of the Consumer Price Index (CPI) in 2021, pointing to sustained progress in stabilising prices after a prolonged period of high inflation.

The continued decline was largely driven by easing food inflation, which dropped to 3.9 per cent in January. The slowdown in food prices made the biggest contribution to the overall reduction in consumer price pressures during the period.

Ghana’s inflation peaked at over 54 per cent in December 2022, at the height of the country’s economic crisis. Since then, a combination of tight fiscal measures and restrictive monetary policy has helped moderate price pressures amid improving macroeconomic conditions.

On the back of the sustained disinflation trend, the Bank of Ghana has gradually eased its monetary policy stance, cutting the policy rate several times since mid-2025 to support economic recovery while keeping inflation expectations anchored.

Despite inflation now falling below the Bank of Ghana’s medium-term target band, the central bank has cautioned that vigilance remains necessary to safeguard the gains achieved, particularly in the face of lingering global and domestic economic risks.

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