Ghana Inflation Eased to 4.6 Percent in July

Ghana’s consumer inflation rate slowed to 4.6 per cent year-on-year in July from 5.3 per cent in June, marking the first deceleration in price growth since March.

Data from the Ghana Statistical Service confirmed that lower food prices served as the primary driver behind the cooling metric.

Government statistician Alhassan Iddrisu highlighted the sharp drop compared to the previous year, when inflation reached 12.1 per cent in July.

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“In the space of 12 months, the speed at which prices are rising has fallen by more than half,” Iddrisu told reporters during a press conference.

The economic recovery signals progress as the cocoa, gold, and oil-exporting nation continues to rebound from its worst financial crisis in decades.

The statistics agency noted that domestic goods and services generate over 86 per cent of Ghana’s total inflation, making internal transport and energy costs the primary factors driving overall prices.

Ghana inflation eased to 4.6 per cent in July (News Central TV) — Ghana inflation eased to 4.6 per cent in July. Credit: Reuters

Despite the cooling figures, Bank of Ghana officials maintained their benchmark interest rate in July, stressing that strict policy vigilance remains necessary to keep long-term inflation within their targeted 6 per cent to 10 per cent corridor.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.