Ghana inflation drops to 9.4% — lowest since August 2021

Ghana’s annual inflation cooled to 9.4% in September 2025, the first single‑digit reading in four years and the ninth monthly decline on the trot, according to the Ghana Statistical Service (GSS). The drop was led by easing food prices and follows the Bank of Ghana’s (BoG) record 350 bps rate cut to 21.5% on September 17. Officials say inflation is on track to sit within the 6–10% target band in Q4.

Why it matters

Lower inflation means real incomes are recovering, and it reduces pressure on borrowing costs for households and firms. The BoG’s outsized cuts—650 bps across July and September—signal growing confidence that disinflation is durable. Commercial banks typically adjust lending rates with a lag; businesses with working‑capital needs should see relief in the coming months. For government, tamer inflation helps the debt‑restructuring path and stabilises the cedi outlook.

Background

Ghana battled a steep price surge after the 2022 debt default, prompting an IMF programme and emergency tightening. Inflation peaked above 50% before steadily retreating through 2024–2025 on the back of fiscal consolidation, improved food supply, and a stabilising currency. September’s CPI bulletin confirms the trend; BoG guidance points to a soft‑landing scenario if supply shocks remain contained.

What to watch next

• October–December prints: to confirm stable single digits.
• Bank lending rates: pace of pass‑through from policy rate to borrowers.
• Cedi performance & harvest season: potential food price base effects.

Tags: Economy, Inflation, BoG, Interest Rates, Ghana Statistical Service
Citations: GSS CPI bulletin (Sept 2025); BoG MPC press release (Sept 17, 2025); Reuters wrap on inflation and rate cut.

–

Source: raylizaghana.com