Ghana’s inflation eases to 9.4% — first single-digit rate since August 2021

Ghana’s inflation rate dropped to 9.4 percent in September 2025.

The country’s inflation decreased from the 11.5 percent recorded in August.

The current figure represents its lowest level since August 2021.

Alhassan Iddrisu, the Ghanaian government statistician, announced the decrease while speaking with journalists on Wednesday.

Iddrisu said the decline was driven primarily by easing food prices compared to non-food prices.

“The steady drop in inflation… shows a sustained shift in prices that signals Ghana is firmly on the path to macroeconomic stability,” Iddrisu said.

Earlier in September, Ghana’s central bank slashed its key interest rate by a record 350 basis points to 21.5 percent.

Johnson Asiama, governor of the Bank of Ghana, had cited a sustained decline in inflation and an improving macroeconomic outlook.

“This marks the second major rate cut in 2025,” Asiama said.

“The decision reflects a sustained decline in inflationary pressures and the expectation of continued fiscal consolidation.”

The bank also said it expects inflation to reach its medium-term target of 6 percent to 10 percent in the fourth quarter of 2025.

The cocoa-producing nation is emerging from its most severe economic crisis in decades.

In December 2024, Ghana’s consumer inflation rate rose to 23.8 percent.

The country’s inflation rate started rising in September last year, when it rose to 21.5 percent, then climbed further to 22.1 percent in October and 23 percent in November.