Ghana’s Inflation Hits New Low in 13 Months
Ghana’s inflation rate has dropped to 3.8% in January 2026, marking the 13th consecutive month of decline and the lowest level since 2021. According to the Ghana Statistical Service, the Consumer Price Index (CPI) rose to 262.3 in January 2026, up from 252.6 in January 2025, translating to a year-on-year inflation decline of 19.7 percentage points from 23.5% recorded a year earlier.
The decline in inflation is attributed to a decrease in food and non-food prices, with regional disparities persisting. The North East Region recorded the highest inflation at 11.2%, while the Savannah Region posted the lowest at 2.6%. Government Statistician Dr. Alhassan Iddrisu attributed the sustained decline to improving macroeconomic stability and urged continued fiscal discipline.
According to Dr. Iddrisu, the decline signals that Ghana is firmly on a path towards price stability. The further decline in inflation provides the Bank of Ghana with more room to keep easing monetary policy, after a series of rate cuts that have reduced its main lending rate by a cumulative 12.5 percentage points since last July.
The easing trend is expected to continue, with analysts forecasting that inflation is likely to remain moderate in the coming months, provided that domestic production remains robust and import cost pressures do not intensify. The January 2026 CPI release reinforces Ghana’s progress toward price stability and macroeconomic resilience, providing a more predictable environment for consumers, businesses, and policymakers.
The decline in inflation is expected to benefit key sectors, including food and beverages, transport, and household goods. Analysts said the data could support further policy measures aimed at boosting domestic production and reducing import dependency.
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Author: Korkor Anumu
