Ghana’s consumer inflation slowed for the thirteenth consecutive month in January, falling to 3.8 percent year on year from 5.4 percent in December, according to the Ghana Statistical Service. The continued decline reflects easing price pressures and signals growing macroeconomic stability after years of economic turbulence.
Government Statistician Alhassan Iddrisu said the drop was mainly driven by lower food inflation, which eased to 3.9 percent. The latest figure is the lowest since the Consumer Price Index was rebased in 2021 and marks a sharp turnaround from the record 54.1 percent inflation peak recorded in December 2022 during Ghana’s economic crisis.
The steady fall in inflation gives the Bank of Ghana more room to continue easing monetary policy after significant rate cuts since last year. Analysts say the low inflation print strengthens confidence in the country’s recovery and could support investment and business growth.
Although inflation is now below the central bank’s 8 percent target range, Governor Johnson Asiama has cautioned that it is still too early to reassess policy targets, stressing the need to maintain stability. Ghana is expected to complete its three year International Monetary Fund support programme in August, with ongoing reforms aimed at restoring fiscal discipline, stabilising the currency and strengthening long term economic resilience.
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