Ghana’s inflation rate has dropped to 9.4 percent, reaching its lowest point in four years this September. This continuing decline from 11.5 percent in August signals strengthening macroeconomic stability, though economists note persistent supply chain problems continue to burden consumers with high retail prices.
The Ghana Statistical Service reported the decrease was driven by slower price increases in food and transport sectors. Food inflation fell to 11 percent while non food inflation eased to 8.2 percent. The Bank of Ghana responded by cutting its policy rate to 21.5 percent, citing stable exchange rates and improved food supplies.
However, the positive data hasn’t fully translated to market relief. Economist Dr. Patrick Asuming emphasized that sustainable price reduction requires fixing supply bottlenecks. “Until that is done, the fall in inflation will not translate into real price reductions for consumers,” he noted.
Traders confirm transportation and logistics costs remain problematic, often eroding the benefits of wholesale price stabilization. The central bank projects inflation could fall further by year’s end but warns of potential risks from utility tariffs and exchange rate volatility.
Policy experts now urge complementary government action beyond monetary measures, including infrastructure investments to ensure inflation gains reach everyday Ghanaians.
