Ghana’s inflation eased for the first time since March, with consumer prices rising 4.6% in July, down from 5.3% in June.
The country’s statistics service says slower food price growth was the main driver behind the decline. Most of Ghana’s inflation still comes from locally produced goods and services, meaning transport and energy costs remain key factors to watch.
The scale of the slowdown is striking: inflation stood at 12.1% just a year ago, meaning price growth has more than halved in twelve months.
A Recovery Still in Progress
Ghana, a major global producer of gold, oil and cocoa, is still recovering from one of its worst economic crises in decades. The country’s finance ministry says its economic targets remain unchanged and that the recovery remains on track.
The crisis traces back to 2022, when Ghana defaulted on its debt after the COVID-19 pandemic and the war in Ukraine put heavy strain on the economy. Since entering an IMF program in 2023, the country has been on a steady path toward stabilization.
Signs of Renewed Investor Confidence
In April, Ghana returned to the local bond market for the first time in years, launching a 7-year cedi-denominated treasury bond to help fund the 2026 budget, a signal that investor confidence in the country’s finances is gradually returning.