Ghana’s Inflation Drops to 6.3%, Marking Lowest Level Since 2021 Rebasing
Ghana’s inflation rate dropped to 6.3 percent in November, down sharply from the 8 percent recorded in October, according to new data from the Ghana Statistical Service (GSS).
Government Statistician Alhassan Iddrisu said the figure represents the lowest inflation rate since the inflation basket was rebased in 2021, and marks the 11th straight month of decline.
“Food inflation fell to 6.6 percent in November, a drop of 2.9 percentage points from October, while non-food inflation eased to 6.1 percent from 6.9 percent,” he told journalists.
Inflation for locally produced items declined to 6.8 percent, while imported goods saw an even faster reduction, falling to 5 percent from the previous 7.8 percent. Iddrisu attributed the faster decline in imported inflation to a stronger cedi and falling prices in source markets.
He noted that the current inflation level is now almost half of the government and central bank’s end-year projection of 11.5 percent, driven by broad declines across food and non-food categories.
Monetary policy tightening and improved exchange rate management by the Bank of Ghana have also played a key role in sustaining the disinflation trend. Last month, the central bank cut its benchmark policy rate by 350 basis points to 18 percent as inflation continued to ease.
