Accra — Ghana’s annual consumer inflation rate slowed for the ninth consecutive month in September, falling to 9.4% year-on-year from 11.5% in August, marking its lowest level since August 2021, the statistics service said on Wednesday.
Government statistician Alhassan Iddrisu told a press conference that the decline was driven primarily by easing food prices compared to non-food prices.
“The steady drop in inflation… shows a sustained shift in prices that signals Ghana is firmly on the path to macroeconomic stability,” Iddrisu told a news conference.
The gold-, oil- and cocoa-producing nation is emerging from its most severe economic crisis in decades.
Ghana’s central bank slashed its key interest rate (GHCBIR=ECI), opens new tab by a record 350 basis points to 21.5% in September, citing a sustained decline in inflation and an improving macroeconomic outlook.
The bank expects inflation to reach its medium-term target of 6% to 10% in the fourth quarter of 2025.
*Emmanuel Bruce & Christian Akorlie; Anait Miridzhanian; editing: Bate Felix – Reuters
