Key points:
- Ghana’s inflation dropped to 23.1% in February
- Both food and non-food prices contributed to the decline
- Inflation remains above the central bank’s target
GHANA’S inflation rate dropped for the second consecutive month, reaching 23.1 percent in February, down from 23.5 percent in January, according to the Ghana Statistical Service.
Speaking at a press briefing on Wednesday, Government Statistician Samuel Kobina Annim attributed the decline to a slowdown in both food and non-food price increases.
Food inflation sees steady decline
Annim noted that food inflation has been consistently falling over the past four months. ‘Between November 2024 and February 2025, food inflation has declined by two percentage points on a month-on-month basis,’ he stated.
Despite this trend, February’s annual inflation rate remained the third-highest recorded in the last 10 months, highlighting ongoing economic pressures.
Economic crisis and inflation challenges
Ghana is gradually recovering from one of its worst economic crises in decades, with key industries such as cocoa and gold experiencing turbulence. Inflation remains significantly above the Bank of Ghana’s target range of 6-10 percent, posing challenges for economic stability.
In January, the central bank acknowledged that bringing inflation back within the target range would take longer than initially expected.
As Ghana navigates its economic recovery, policymakers will continue monitoring inflation trends, with hopes of further easing in the months ahead.
