Ghana’s Inflation Hits New Low in March

Ghana’s annual consumer inflation continued its downward trajectory in March 2026, easing to 3.2% from 3.3% in February.

This marks the 15th consecutive month of decline for the West African nation, which is steadily recovering from its most severe economic crisis in recent history.

Government statistician Alhassan Iddrisu confirmed on Wednesday that this is the lowest inflation rate recorded since the Consumer Price Index was rebased in 2021, signalling a firm return to macroeconomic stability.

Inflation eased to 3.2% in March 2026, down from 3.3% in February 2026 and 22.4% a year earlier, marking the fifteenth consecutive month of decline.

This video highlights what is driving these numbers and what they mean for households, businesses, and policymakers.… pic.twitter.com/0JiU8DZ9sX

— Dr. Alhassan Iddrisu (@daiddrisu) April 1, 2026

While the overall trend remains positive, the decline is primarily being driven by moderating food prices, even as non-food items continue to experience marginal increases.

Iddrisu noted that petrol prices rose by 3.1% month-on-month by early March, a direct consequence of the ongoing conflict in the Middle East and its impact on global energy costs.

These rising energy expenses are expected to be more fully reflected in upcoming inflation reports, posing a potential risk to the current disinflationary trend.

The broader implications of the regional war are being felt across the continent, as many African countries that rely on fuel imports have been forced to implement sharp price hikes.

Despite these external pressures, Ghana’s steady progress suggests that the fiscal and monetary measures implemented during its post-crisis stabilisation period are yielding results.

Analysts remain cautious, however, as the sustained closure of the Strait of Hormuz continues to exert upward pressure on petroleum-linked products globally.