Esther Imonmion
Ghana’s annual inflation rate slowed for the eighth consecutive month in August, reaching its lowest level since October 2021, according to figures released by the Ghana Statistical Service on Wednesday.
Inflation now stands at 11.5 percent year-on-year, down from 12.1 percent in July, marking the lowest rate in almost four years. Both food and non-food prices eased in August, though food remains the main driver of inflation.
The decline comes as the gold, oil, and cocoa-producing nation recovers from its worst economic crisis in decades. The cedi has gained more than 20 percent against the US dollar so far this year, strengthening confidence in the economy.
In July, the Bank of Ghana cut its key interest rate by 300 basis points to 25 percent — the sharpest reduction in its history — in a signal of renewed optimism.
Government officials say they are confident of meeting the year-end inflation target of 11.9 percent ahead of schedule.