The Ghana Statistical Service (GSS) on Wednesday announced a further drop in the country’s inflation rate to 13.7 percent in June, 4.7 percentage points lower than 18.4 percent in May.
“This is the sixth consecutive year-on-year decline in inflation and the lowest since Dec. 2021, signaling that policies introduced to strengthen the economy are beginning to yield results,” Government Statistician at the GSS Alhassan Iddrisu said during the regular monthly briefing.
According to Iddrisu, the slower rate of inflation in June was due to easing food and non-food inflation.
Compared to May, food inflation declined 6.5 percentage points to 16.3 percent in June, while non-food inflation decreased 3.0 percentage points to 11.4 percent.
Meanwhile, the inflation rate for locally produced and imported items stood at 14.0 percent and 12.5 percent, respectively.
“The consistent slower rates of inflation we are seeing in recent times show that the underlying pressures driving inflation are easing. It is a clear signal of price stability and short-term price easing,” Iddrisu noted.
He added that the appreciation of the local cedi currency has also helped to slow down the rise in inflation for imported items and also indirectly affected locally produced items whose inputs are imported.
Soaring gold prices on the world market, coupled with the country’s domestic gold purchase policy, has helped to strengthen Ghana’s local cedi currency, which gained at least 41.78 percent in value between Jan. and end of May 2025, according to the International Monetary Fund.