Ghana’s inflation slowed sharply to 5.4% in December 2025, marking the twelfth consecutive monthly decline and the lowest rate recorded since the rebasing of the Consumer Price Index (CPI) in 2021.
Data from the Ghana Statistical Service show that the CPI rose to 261.7 in December 2025, up from 248.3 a year earlier, translating into a year-on-year inflation rate of 5.4%. The reading represents a steep 18.4 percentage-point drop from the 23.8% recorded in December 2024, underscoring the depth of disinflation achieved over the past year.
On a month-on-month basis, inflation stood at 0.9% in December, indicating a modest increase in the general price level between November and December 2025. While prices continued to rise marginally, the pace remained subdued compared with earlier periods of heightened inflationary pressure.
The December outturn also reflects a 0.9 percentage-point decline from the November 2025 year-on-year inflation rate of 6.3%, reinforcing the trend of sustained price moderation. Inflation has now fallen consistently for twelve months, signalling improved price stability and easing cost pressures across the economy.
Economists view the steady decline from nearly 24% a year earlier to mid-single-digit inflation as a key indicator that Ghana’s macroeconomic stabilisation efforts are gaining traction. The sharp disinflation suggests that tighter fiscal management, monetary policy restraint and improved supply conditions are feeding through to consumer prices.
The CPI trajectory over 2025 shows a gradual slowdown in inflation from above 23% in the first quarter of the year to single digits by the final quarter, reflecting a broad-based easing of price pressures.
The sustained drop in inflation strengthens expectations that Ghana is moving onto a firmer macroeconomic footing, with implications for interest rates, investor confidence and household purchasing power as the economy transitions from crisis stabilisation toward recovery and growth.
