Ghana’s consumer inflation rate eased further to 3.8 percent in January, a 1.6 percentage-point decline compared to the 5.4 percent recorded the previous month, according to the January data from the Ghana Statistical Service (GSS) on Wednesday.
“This is the 13th consecutive decline in inflation since January last year and a 19.7 percentage point decline over the same period,” said Government Statistician Alhassan Iddrisu during the regular press briefing in Accra, the Ghanaian capital.
Iddrisu said the lower inflation rate was due to falling commodity prices with persistent low food inflation.
“Compared to December, food inflation declined 1.0 percentage points to 3.9 percent in January, while non-food inflation also declined 1.4 percentage points to 3.9 percent from the previous month’s level of 5.8 percent,” Iddrisu said.
Meanwhile, the inflation rate for locally produced and imported items stood at 4.5 percent and 2.0 percent, respectively, in January, compared to 5.9 percent and 4.3 percent, respectively, a month earlier.
The steady drop in inflation from 23.5 percent in Jan. 2025 to 3.8 percent in Jan. 2026, according to Iddrisu, shows a sustained shift in prices and signals that Ghana is firmly on the path to macroeconomic stability.
During its last meeting last Wednesday, Jan. 28, Ghana’s central bank cut its benchmark lending rate by a further 250 basis points to 15.5 percent to boost growth as inflation remains firmly tamed.