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Ghana Inflation Hits Lowest Since 2002
7 Jan
Summary
- Ghana's annual inflation rate reached its lowest since 2002.
- Consumer prices rose 5.4% in December, down from 6.3%.
- The central bank may cut interest rates again this month.
Ghana's annual inflation rate has declined to its lowest level since 2002, with consumer prices rising by 5.4% in December. This marks a notable decrease from the 6.3% recorded in November, signaling a cooling economy.
The slowdown is attributed to a significant reduction in both food and non-food inflation, with price increases moderating for imported and locally sourced goods. This positive trend has brought inflation back within the Bank of Ghana's target range of 6% to 10%.
With inflation pressures anticipated to continue easing throughout 2026, the Bank of Ghana is poised to consider another interest rate cut at its upcoming meeting on January 28. This would represent the fourth consecutive reduction from the current 18% rate.
