Ghana’s headline inflation rate has dropped to 3.8 percent in January 2026, marking the lowest level in nearly 27 years and the 13th consecutive monthly decline, according to data released by the Ghana Statistical Service (GSS).
The figure represents a significant 1.6 percentage point decrease from the 5.4 percent recorded in December 2025. Year-on-year, inflation has fallen sharply from 23.5 percent in January 2025, highlighting a sustained disinflationary trend following periods of elevated price pressures.
Government Statistician Dr. Alhassan Iddrisu announced the latest Consumer Price Index (CPI) figures during a press briefing in Accra on Wednesday. He noted that the decline has been broad-based, affecting both food and non-food categories.
Food inflation eased to 3.9 percent in January from 4.9 percent the previous month, providing some relief to households amid concerns over living costs. Non-food inflation also fell sharply to 3.9 percent from 5.8 percent.
The latest reading is the lowest since the rebasing of the CPI in 2021. For historical context, the last comparable low inflation periods were in August 1999 (1.4 percent) and September 1999 (4.4 percent), underscoring the rarity of such subdued price growth in Ghana’s modern economic history.
Regionally, inflation trends varied. The Savannah Region recorded the lowest rate at -2.6 percent, indicating outright price declines in some areas, while the North East Region posted the highest at 11.2 percent, reflecting ongoing local disparities.
The development comes shortly after the Bank of Ghana reduced its policy rate by 250 basis points to 15.5 percent in a bid to ease borrowing costs and support economic recovery. The historic low inflation print could pave the way for additional monetary easing in upcoming Monetary Policy Committee meetings.
While the disinflationary progress strengthens the case for lower interest rates, policymakers continue to monitor risks such as exchange rate volatility, global commodity price swings, and fiscal challenges to prevent any reversal.