Ghana’s Inflation Rate Drops Below 10% For the First Time Since 2021

• Ghana’s inflation rate continued its nine-month decline following the latest update from the statistical service
• Government statistician Alhassan Iddrisu said the reasons for the inflation were related to food prices
• The Ghana Statistical Service noted that this was the lowest level of inflation since August 2021

Ghana’s annual consumer inflation rate slowed for the ninth consecutive month in September, falling to 9.4% year-on-year from 11.5% in August.

The Ghana Statistical Service noted that this was the lowest level since August 2021. The previous inflation rate stood at 11.5% in August.

Government statistician Alhassan Iddrisu told the press the decline was primarily driven by the easing of food prices compared to non-food prices.

“The steady drop in inflation… shows a sustained shift in prices that signals Ghana is firmly on the path to macroeconomic stability.”

Last month, the Bank of Ghana reduced its key interest rate by a record 350 basis points to 21.5%.

Reuters reported that it cited a sustained decline in inflation and an improving macroeconomic outlook.

The bank expects inflation to reach its medium-term target of 6% to 10% in the fourth quarter of 2025.

Source: YEN.com.gh