Ghana’s annual inflation rate has slowed for the eighth consecutive month, reaching 11.5% in August, its lowest level since October 2021.
The Ghana Statistical Service reported that both food and non-food prices eased last month, with food prices remaining the largest driver of inflation.
Government Statistician Alhassan Iddrisu noted that while the steady drop in inflation is reassuring, monthly swings remind us to keep watch on inflation, particularly short-term movements.
The local cedi currency has gained over 20% against the dollar this year, and the central bank has slashed its key interest rate by 300 basis points to 25% in July, showing confidence in a progressive slowdown in prices.
Finance Minister Cassiel Ato Forson expressed hope that the year-end inflation target of 11.9% could be hit ahead of schedule.
