Ghana's inflation drops further to 3.8% in January 2026

Ghana’s inflation has declined for the 13th month in a row, dropping to 3.8% percent in January 2026 from 5.4 percent in December 2025, the Ghana Statistical Service (GSS) has said.

Inflation is the rate at which prices rise over a period of time. It is usually measured broadly, reflecting the overall increase in the cost of goods and services or the general cost of living in a country.

The 1.6 percentage point drop was mainly due to lower food prices, which fell to 3.9 percent, according to Government Statistician Dr Alhassan Iddrisu, who addressed journalists in Accra on February 4, 2026.

Ghana's inflation dropped to historic 5.4% in December 2025 – GSS

He emphasised that this is the lowest inflation rate since Ghana rebased its Consumer Price Index back in 2021.

"The sustained decline shows that Ghana is on the path to price stability," Dr Iddrisu added.

Ghana’s inflation has fallen sharply from a record 54.1 percent in December 2022, giving the Bank of Ghana more room to lower interest rates.

Since July 2025, the central bank has cut its main lending rate by 12.5 percentage points. After its first 2026 meeting, the Monetary Policy Committee (MPC) reduced the rate from 18 percent to 15.5 percent.

This means that borrowing from commercial banks for businesses and households is now expected to become cheaper.

BoG lowers policy rate from 18% to 15.5%

MA

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