Ghana’s inflation rate has fallen to its lowest level in nearly 30 years, signaling a period of relative economic stability despite lingering global uncertainties.
According to the Ghana Statistical Service (GSS), consumer price inflation declined to 3.2 per cent year-on-year in March 2026, marking the 15th consecutive month of easing inflation. This is the lowest rate recorded since August 1999 and the lowest since the 2021 rebasing of the Consumer Price Index (CPI).
Alhassan Iddrisu attributed the sustained decline to exchange rate stability following Ghana’s debt restructuring, tighter fiscal and monetary policies, and improving global commodity prices.
Food prices, which heavily influence household spending, showed notable improvement, with inflation slowing to 2.3 per cent and recording a slight month-on-month decline—offering some relief to consumers. However, services inflation rose sharply to 7.2 per cent, driven by increases in housing, utilities, and education costs, indicating persistent structural pressures in key sectors.
Regionally, disparities remain, with the North East Region recording the highest inflation, while some regions, including Savannah, experienced deflation.
Despite the positive trend, the GSS cautioned that maintaining stability would require continued fiscal discipline, investment in food systems, and improved infrastructure. Businesses have also been urged to pass on cost savings to consumers, while households are encouraged to manage spending prudently.
The latest figures suggest Ghana is making steady progress toward price stability, even as challenges in services and regional inequalities persist.
