Latest reading: Consumer prices in Lima were up 1.7% on a year-on-year basis in January, following a 1.5% increase in...
Inflation in Ghana
Consumer price inflation in Ghana averaged 17.6% in the ten years to 2024, in line with the Sub-Saharan Africa regional average of 10.8%. The 2024 average figure was 22.9%. For more information on inflation, visit our dedicated page.
Ghana Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Ghana from 2014 to 2025.
Source: Macrobond.
Ghana Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 8.7 | 10.0 | 31.9 | 39.2 | 22.9 |
| Inflation (CPI, ann. var. %, eop) | 10.5 | 12.6 | 54.2 | 23.2 | 23.8 |
Inflation decelerates to lowest since 2021 in December
Latest reading: Consumer prices increased 5.4% in annual terms in December, following a 6.3% rise in the prior month. December's reading was the weakest since the 2021 rebase. Relative to the previous month's data, there were milder price pressures for food and beverages (+4.9% on a year-on-year basis vs +6.6% in November), transport (-5.0% vs -4.8% in November) and recreation and entertainment (+12.7% vs +12.8% in November). In contrast, price pressures were higher for housing and utilities in December (+11.8% vs +10.2% in November). Finally, the change in clothing and footwear prices was the same as in the prior month (+9.9% in December and November). Lastly, consumer prices rose 0.91% in December in month-on-month terms, following a 0.93% rise in the previous month.
Panelist insight: Oxford Economics’ senior economist Leeuwner Esterhuysen commented on the outlook: “We anticipate that inflation will remain muted in the near term, slowing to an average of 7.3% in 2026 from 14.2% last year. Relative currency stability, elevated FX reserve levels, prudent fiscal spending, and soft global commodity prices support our inflation outlook.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ghanaian inflation projections for the next ten years from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Ghanaian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Ghanaian inflation projections.
Want to get access to the full dataset of Ghanaian inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
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