Inflation projected to drop to 6.5% in November – IC Research

Headline inflation is expected to decline sharply to 6.5% in November 2025, from 8.0% recorded in October, according to market intelligence firm IC Research.

The firm attributes this drop to a favourable base effect and the strong performance of the cedi, which has helped to ease recent fuel price pressures.

“A strong, favourable base effect and recent cedi appreciation will likely drag inflation towards the BoG’s [Bank of Ghana] lower target. We expect headline inflation to drop sharply to 6.5% in November 2025 (- 150 basis points month-on-month), reflecting a favourable base effect and the cedi’s sharp appreciation, which has reversed recent fuel price pressures,” the firm stated, as reported by myjoyonline.com.

Ghana's inflation drops to 8% in October 2025

IC Research also predicts a possible policy rate cut by the Bank of Ghana (BoG) in the coming months, citing the consistent decline in inflation and the central bank’s success in stabilising prices.

The report also noted that food inflation has returned to single digits for the first time since July 2021, dropping to 9.5% year-on-year, while non-food inflation fell to 6.9%, reflecting broad-based price stability across consumer goods.

October’s 8.0% headline rate marked the lowest inflation print since June 2021, reinforcing expectations that Ghana’s economy is firmly on a disinflationary path, as the cedi continues to strengthen.

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