At long last, there’s a chill in the air, not from the approaching harmattan, but from Ghana’s inflation numbers finally cooling off.
After months of relentless price hikes that drained household budgets and tested national patience, inflation has eased to 8.0 percent in October 2025, its lowest level in more than a decade.
It’s a refreshing change for a country that once stared down inflation as high as 54.1 percent in December 2022 – a period that felt like every trip to the market was a negotiation between hope and despair. From fuel price hikes to food inflation, the economy seemed to live on autopilot, running faster than the average Ghanaian could catch up.
Fast forward to today, and the story has taken a gentler turn. The figures have been dropping consistently: 23.5 percent in January, 11.5 percent in August, 9.4 percent in September, and now 8.0 percent in October.
Even the cedi, that once restless currency, has been unusually well-behaved in recent months. Investors are beginning to pay attention and for good reason.
But as the data paints a picture of calm, I can’t help but take a quick preview into the minds of traders, consumers, and even the skeptics. For them, the question isn’t just whether inflation is cooling — it’s whether this relief will hold. Because while the numbers may be falling, the average shopper’s basket hasn’t yet caught up with the optimism in the spreadsheets.
Still, credit where it’s due. Under Finance Minister Dr. Cassiel Ato Forson, the tide appears to be turning. In Parliament not too long ago, the exasperated shout of “Eii Ato!” echoed through the chamber — a phrase that has since taken on a life of its own.
But today, perhaps that same exclamation carries a different tone. One of surprise and cautious approval. Is Ato Forson “forcing” inflation down, or simply “falsing” the numbers as some political cynics might jest? Whatever the case, the figures are clear: inflation is indeed on a downward roll.
Yet this brings another question to the fore when will the lending and interest rates follow suit? For many businesses still borrowing at punishing rates, the gains on the inflation front feel distant.
After all, a cooling inflation that doesn’t translate into affordable credit is like rain clouds that never pour.
With Christmas just around the corner; less than 60 days away. Market scenes in Makola and Kejetia are beginning to stir again.
Traders are restocking cautiously, consumers are calculating carefully, and importers are quietly grateful that the cedi isn’t dancing out of rhythm.
But even amid the good news, the mood is one of cautious optimism. Ghana’s inflation outlook may be improving, but it remains delicate and dependent on fiscal discipline, food supply stability, and whether policy restraint can endure the temptations of politics and the festive season alike.
For now, Ghana’s inflation story feels like a long, weary journey finally catching a cool breeze. The numbers are moving in the right direction, the economy is breathing again, and the exclamation “Eii Ato!” now lands differently – less of shock, more of surprise that perhaps, just perhaps, things are beginning to work.
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The writer, Emmanuel Oppong is a Business Journalist with Citi FM and Channel One TV.