Ghana’s inflation rate declined further to 5.4 percent in December, a 0.9 percentage-point decline compared to the 6.3 percent recorded the previous month, according to the 2025 year-end data from the Ghana Statistical Service (GSS) on Wednesday.
Alhassan Iddrisu, the government statistician at the GSS, who addressed the media, said that the lower inflation rate was the result of a strong decline in food and non-food inflation rates as well as the easing of inflation for locally produced and imported items.
“Compared to November, food inflation declined 1.7 percentage points to 4.9 percent in December, while non-food inflation also declined 0.3 percentage points to 5.8 percent from the previous month’s level of 6.1 percent,” Iddrisu said.
Meanwhile, the inflation rate for locally-produced and imported items stood at 5.9 percent and 4.3 percent, respectively, in December, compared to 6.8 percent and 5.0 percent, respectively, a month earlier.
“The steady drop in inflation from 23.8 percent in Dec. 2024 to 5.4 percent in Dec. 2025 shows a sustained shift in prices that signals Ghana is firmly on the path to macroeconomic stability,” Iddrisu said.
He described the lowering trajectory of inflation as significant, having fallen consistently over the past 12 months, with a cumulative decline of 18.4 percentage points from 23.8 percent in Dec. 2024 to 5.4 percent in Dec. 2025.
According to Iddrisu, long-term inflation pressures have eased, but short-term (month-on-month) increases persist. “Inflation pressures have eased, food inflation is falling faster, and price stability is taking hold.”
The West African cocoa, gold, and crude oil exporter commenced reforms in May, 2023 after inflation soared to 54.1 percent in Dec. 2022, amid ballooning public debts, a collapsing local currency, and a generally weakened macroeconomic environment.
However, the situation has seen improvement as a result of the reforms backed by a 3-billion-dollar loan from the International Monetary Fund and austerity measures introduced by the government since last January.