Ghana’s inflation rate fell to 6.3% in November 2025, marking its lowest level since 2019, according to data released by the Ghana Statistical Service (GSS). The decline from 8% in October signals continued easing of price pressures, following months of monetary and fiscal measures aimed at stabilizing the economy.
The slowdown in inflation reflects a moderation in the cost of food and non-food items, improved supply chain conditions, and a strengthening of the cedi, which appreciated against major currencies in recent months. Analysts attribute the decline to effective monetary policy interventions by the Bank of Ghana, coupled with fiscal discipline, including reduced government borrowing and strategic commodity import adjustments.
Core inflation, which excludes volatile food and energy prices, also recorded a notable drop, underscoring an underlying easing of domestic price pressures. Economists suggest that the current trajectory could allow the central bank to maintain or gradually reduce interest rates, supporting economic recovery while keeping inflation within the target range.
The GSS data further indicates that year-on-year price growth for key staples such as maize, rice, and cooking oil has slowed, benefiting both households and businesses. Meanwhile, sectors including transportation and utilities also contributed to the lower headline inflation, following government-led subsidies and adjustments in tariffs.
Consumer confidence in the economy has improved as households experience relief from the rapid price increases seen during the 2023 debt exchange period and the high inflation environment of 2024. Retailers and traders have reported more stable pricing patterns, while businesses anticipate steadier cost structures moving into 2026.
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The Bank of Ghana continues to emphasize the importance of maintaining macroeconomic stability, warning that while the inflation drop is welcome, sustaining price stability requires careful management of fiscal deficits, exchange rate volatility, and supply-side constraints.
Government officials have welcomed the data as a positive sign of economic resilience and reiterated commitments to policies that promote growth, reduce the cost of living, and strengthen the purchasing power of citizens.
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