Ghana’s inflation rate has dropped to 9.4% in September 2025, marking the country’s first single-digit inflation rate in over four years. According to the Ghana Statistical Service (GSS), this significant milestone is a result of sustained price stability and reduced inflationary pressures in the economy.
The GSS report shows that food inflation slowed down to 11% in September from 14.8% in August, while non-food inflation moderated to 8.2% from 8.7% in the previous month. This development has pushed inflation below the government’s year-end target of 12%, offering relief to households and businesses.
Key Highlights:
– Food Inflation: Drops to 11% in September from 14.8% in August
– Non-Food Inflation: Moderates to 8.2% from 8.7% in August
– Regional Disparities: North East Region records the highest inflation rate at 20.1%, while Bono East Region has the lowest at 1.2%
– Monetary Policy: Bank of Ghana cuts policy rate by 350 basis points to 21.5%
Dr. Alhassan Iddrisu, Government Statistician, attributes the decline in inflation to sustained price stability and reduced inflationary pressures. “September inflation marks the lowest we have seen in four years, underscoring a firm shift toward macroeconomic stability,” he noted.
The Bank of Ghana has forecast inflation to remain within the 8% ± 2% band through the fourth quarter. Analysts, however, caution that risks remain, particularly from the cedi’s depreciation and higher fuel costs.
This significant drop in inflation is expected to bolster exchange rate performance, support monetary policy stability, and boost consumer confidence, providing a much-needed boost to Ghana’s economic outlook.