Ghana Inflation Expected to Stay Below 8% Target

The Bank of Ghana is predicting headline inflation to be within the lower bound of the medium-term target of 8 ± 2%. According to the Central Bank, this projection reflects the combined impact of the maintenance of an appropriate monetary policy stance, ongoing fiscal consolidation and adequate reserve buffers. However, the possible upward adjustments in utility tariffs and spillover effects from US tariff-related price pressures, it mentioned, could exert some upside risks to the outlook. Notwithstanding this, it expects the maintenance of an appropriate monetary policy stance, strong sterilisation efforts, ongoing fiscal consolidation, and adequate reserve buffers to sustain the disinflation process going forward. Headline inflation continued its downward trend, declining to 8.0% in October 2025 from 9.4% in September 2025. It further went down in November 2025 and December 2025 respectively. The underlying inflationary pressures also continued to ease. The Central Bank’s core measure of inflation, which excludes energy and utility items from the consumer basket, declined to 7.4% in October 2025, down from 8.8% in September 2025. Inflation expectations, based on surveys of banks, businesses, and consumers, also remained well-anchored, reflecting the continued easing of underlying inflationary pressures.