Ghana's inflation drops to 3.3% in January 2026

Ghana’s headline inflation for February 2026 dropped to 3.3 percent, down from 3.8 percent recorded in January 2026.

This marks the 14th consecutive decline in inflation.

According to the Ghana Statistical Service, this is the lowest rate since 2021 and a sharp fall from the 23.1 percent recorded in February 2025. Inflation has therefore declined by 19.8 percentage points over the past year.

Speaking at a press briefing on March 4, 2026, the Government Statistician, Dr Alhassan Iddrisu, noted that food inflation recorded a significant decline, while non-food inflation edged up slightly.

Food inflation dropped to 2.4 percent in February 2026, down from 3.9 percent in January, representing a 1.5 percentage point decrease.

Non-food inflation, on the other hand, stood at 4.0 percent in February 2026, compared to 3.8 percent in January.

Imported items also experienced reduced inflationary pressures, recording 0.6 percent in February 2026, down from 2.0 percent in January.

Regionally, the Savannah Region recorded the lowest year-on-year inflation at negative 5.6 percent, while the North East Region posted the highest at 8.9 percent.

Ghana’s inflation has fallen sharply from a record 54.1 percent in December 2022, giving the Bank of Ghana more room to ease monetary policy. Since July 2025, the Central Bank has cut its main lending rate by 12.5 percentage points.

What this means for ordinary citizens

For households, the sustained decline in inflation signals easing pressure on the cost of living. Slower price increases, particularly in food, mean families are likely to experience greater stability in market prices compared to the sharp spikes seen in previous years. While prices may not necessarily fall, they are rising at a much slower pace, allowing incomes to stretch further.

Lower inflation also increases the possibility of reduced borrowing costs as interest rates decline. This could make loans more affordable for individuals and businesses, potentially boosting investment, job creation and economic activity.

Implications for government policy

For the government, the steady drop in inflation strengthens macroeconomic stability and supports ongoing fiscal consolidation efforts. It may create room for policy adjustments, including targeted social interventions and development spending, without triggering renewed price pressures.

Additionally, sustained disinflation enhances investor confidence, stabilises the cedi, and improves Ghana’s outlook in negotiations with international financial partners.

However, policymakers will need to remain cautious to ensure that inflation remains anchored and that gains achieved are not reversed by external shocks, currency volatility, or supply-side disruptions.

SP/MA

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