Ghana’s Inflation Falls to 13.7%, Lowest Since 2021
Ghana’s inflation rate continued its steady decline, dropping to 13.7% in June 2025 from 18.4% in May, a significant 4.7 percentage point fall and the lowest recorded since December 2021, the Ghana Statistical Service (GSS) has announced.
This marks the sixth consecutive month of disinflation, reflecting the impact of stabilizing macroeconomic policies. Addressing the media at the GSS monthly briefing, Government Statistician Prof. Samuel Kobina Annim noted that the easing of both food and non-food inflation contributed to the drop.
“Food inflation fell sharply by 6.5 percentage points to 16.3%, while non-food inflation dropped by 3 percentage points to 11.4%. This consistent downward trend is a strong indication that the underlying pressures that previously drove inflation are softening,” Prof. Annim said.
Inflation for locally produced goods stood at 14%, compared to 12.5% for imported items. The appreciation of the Ghana cedi has been instrumental in moderating the cost of imports, which in turn has eased the prices of both imported and locally manufactured goods with foreign input components.
Ghana’s local currency has gained considerable strength in recent months, appreciating by at least 41.78% between January and May 2025, according to the International Monetary Fund (IMF). Analysts attribute this largely to rising global gold prices and Ghana’s proactive domestic gold purchase programme, which has bolstered foreign exchange reserves.
The GSS said the outlook points to short-term price stability, offering some relief to businesses and consumers and reinforcing confidence in the country’s economic recovery trajectory.
