Ghana’s headline inflation rate declined sharply to 3.3 percent in February 2026, extending the country’s disinflation trend to a 14th consecutive month and reaching its lowest level since the 2021 rebasing of the Consumer Price Index (CPI), according to fresh data released by the Ghana Statistical Service (GSS).
The latest figures mark a further drop from January’s 3.8 percent, underscoring sustained progress in stabilizing prices after years of elevated inflationary pressures. On a year-on-year basis, consumer prices rose modestly, while month-on-month inflation remained subdued, signaling broadly stable general price conditions across the economy.
Government Statistician Dr. Alhassan Iddrisu attributed the continued easing to declining food and non-food inflation, pointing to improved supply chains, lower imported input costs, and a more stable exchange rate environment.
Food inflation, historically the most volatile and politically sensitive component of Ghana’s price basket recorded a notable slowdown, offering relief to households grappling with high living costs in recent years. Non-food inflation also trended downward, reflecting easing transport and utility costs as well as softer imported price pressures.
The disinflation path has been reinforced by monetary policy adjustments from the Bank of Ghana, which cut its policy rate to 15.5 percent earlier this year in response to falling inflation expectations. The central bank maintains its focus on price stability while carefully calibrating support for growth.
Significantly, locally produced goods recorded sharper disinflation compared to imported items, highlighting the combined impact of exchange rate stabilization and domestic production incentives. Analysts say this divergence suggests strengthening resilience in local supply chains and reduced vulnerability to external shocks.
The sustained drop from December 2025’s 5.4 percent strengthens prospects for lower borrowing costs and improved business confidence, as commercial lending rates gradually adjust downward. With inflation now well-anchored, policymakers view the trajectory as validation of coordinated monetary and fiscal strategies.
If the trend holds, Ghana could enter a period of relative macroeconomic stability, positioning the country for renewed investor interest and expanded private sector activity in the coming quarters.
