Ghana’s annual average inflation rate fell to 14.6 percent in 2025, nearly halving from the 22.9 percent recorded the previous year, the Ghana Statistical Service (GSS) announced Thursday in its full-year statistical release.
Government Statistician Alhassan Iddrisu described the outcome as evidence of real but uneven progress. He noted that by December 2025, the monthly rate had eased sharply to 5.4 percent, placing Ghana among the better-performing economies in the subregion. However, the full-year average presents a more measured picture, as the weight of elevated inflation in the early months of 2025 pulled the annual figure higher.
“Ghana has moved from crisis-level reduction to the harder task of sustaining low inflation. The gains are real, but they are fragile,” a senior GSS economic statistician said.
The 14.6 percent annual average still exceeded the Sub-Saharan African regional benchmark of 12.5 percent, reflecting the lingering effect of earlier high-inflation episodes on the full-year calculation. Compared with its immediate neighbourhood, however, Ghana performed more favourably: its rate came in below the West African subregional average of 17.7 percent, though it remained above the 12.3 percent average recorded by the West Africa Monetary Zone (WAMZ), a six-member bloc working toward a second regional currency for West Africa comprising Ghana, Nigeria, The Gambia, Sierra Leone, Guinea, and Liberia.
The sharp fall from 22.9 percent to 14.6 percent reflects a sustained disinflation that gathered pace through the second half of 2025. Data published previously by the GSS shows Ghana’s month-on-month inflation fell consecutively for twelve months, reaching 5.4 percent in December, the lowest since the Consumer Price Index (CPI) was rebased in 2021. That trend has continued into 2026, with the rate easing further to 3.8 percent in January and 3.3 percent in February, placing it well below the Bank of Ghana’s (BoG) medium-term target band of 6 to 10 percent.
The disinflation has been underpinned by a stronger cedi, moderating food prices, and the sustained effect of monetary tightening, with the BoG cutting its policy rate cumulatively by 12.5 percentage points since July 2025 as conditions allowed.
Iddrisu cautioned against reading the full-year figure in isolation. The annual average, unlike the end-of-period monthly reading, captures price conditions across all twelve months, meaning that high inflation in the first quarter of 2025 continued to weigh on the final tally even as conditions improved markedly toward year-end.
Ghana’s broader economic recovery has been supported by a programme with the International Monetary Fund (IMF), which completed its fifth review of the country’s loan arrangement late last year, unlocking approximately 385 million dollars in disbursements.
