Ghana’s inflation in August 2025 was driven almost entirely by local products, new data from the Ghana Statistical Service (GSS) shows. Out of the top 20 items that contributed most to price increases, only one imported food item, vegetable oil, appeared on the list.
The bulk of the pressure came from local staples such as smoked herrings, yam, ginger, beef, cooked rice, river fish, and kenkey with fried fish, all of which recorded double-digit year-on-year increases. Ginger prices surged the most, climbing by more than 104% compared to a year earlier, even though they eased slightly on a monthly basis.
Non-food items such as cinema and cultural services, electricity, resold tap water, accommodation, and charcoal also featured among the top drivers, underlining how rising costs are not confined to food but extend to utilities, housing, and leisure services.
Despite vegetable oil’s relatively modest contribution to inflation in August, Ghana continues to spend heavily on the product. According to trade data, the country imports hundreds of thousands of tonnes of oil annually, with bills running into hundreds of millions of US dollars.
In 2023, Ghana spent about US$203 million on animal and vegetable fats and oils, while broader estimates suggest the oil import bill may be as high as GH₵11 billion (around US$900 million) when both domestic and imported volumes are considered.
The contrast highlights a key challenge: while vegetable oil alone accounted for just one slot in the inflation basket for August, its sheer import cost underscores how exposure to global commodity markets continues to weigh on Ghana’s trade balance and household budgets.
Overall, the GSS data confirms that Ghana’s inflation remains largely homegrown, shaped by domestic supply swings, seasonal food availability, and service-sector costs, even as the country shoulders a heavy import bill for essential cooking oils.
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