Ghana’s economy is showing signs of recovery, with inflation dropping to 13.7% in June, down from 18.4% in May, according to the Ghana Statistical Service.
This marks the sixth straight month of falling inflation and the lowest level since December 2021. GSS Government Statistician Alhassan Iddrisu said this trend shows that “policies introduced to strengthen the economy are beginning to yield results.”
Food prices played a big role in the drop. In June, food inflation slowed to 16.3%, down by 6.5 points, while non-food inflation also dipped to 11.4%, a 3-point decrease.
“The consistently slower rates of inflation we are seeing in recent times show that the underlying pressures driving inflation are easing,” Iddrisu explained. “It is a clear signal of price stability and short-term price easing.”
He also pointed out that the cedi’s recent strength—up more than 41% between January and May—is making a difference, especially in easing import-driven inflation. Iddrisu said this is helped by high global gold prices and Ghana’s local gold purchase policy, which together have given the cedi a much-needed boost.
As of June, inflation for local products stood at 14%, while imported items came in lower at 12.5%.
