Ghana’s Inflation Eases to 3.2%

Ghana’s inflation rate eased for the 15th consecutive month in March, reinforcing signs of a gradual return to macroeconomic stability after years of turbulence.

Data released by the Ghana Statistical Service on Wednesday showed that headline inflation slowed marginally to 3.2 per cent year-on-year, down from 3.3 per cent recorded in February.

The latest figures come as the West African economy, heavily reliant on gold, oil and cocoa exports, continues to recover from one of its most severe economic crises in decades.

Government Statistician, Alhassan Iddrisu, described the development as a significant milestone, noting that the current inflation level is the lowest recorded since the rebasing of the Consumer Price Index (CPI) in 2021.

“This is the lowest inflation we have recorded since the rebasing of the CPI in 2021, and it shows a steady and sustained movement towards stability,” he said.

He explained that the moderation in inflation was largely driven by easing food prices, although non-food items continued to post marginal increases, suggesting underlying price pressures remain.

Iddrisu further disclosed that petrol prices rose by 3.1 per cent month-on-month as of early March, reflecting the impact of the Iran conflict on global energy markets.

According to him, “the full impact of the developments in the Middle East will likely be more evident in subsequent inflation releases.”