Ghana’s Inflation Falls To 18.4% In May — Lowest In Over Two Years
Sharp decline from 21.2% in April marks fifth straight month of disinflation
Edem Latsu Nukafu eljourno 
Ghana’s inflation rate dropped significantly to 18.4% year-on-year in May 2025, down from 21.2% in April, according to new figures released by the Ghana Statistical Service (GSS).
This marks the lowest inflation rate since February 2022 and extends the West African nation's disinflation streak to a fifth consecutive month.
Government Statistician Dr. Alhassan Iddrisu, speaking at a press briefing in Accra, attributed the drop to a combination of factors, including a notable reduction in transport fares—spurred by falling fuel prices—and a broader easing of non-food inflation.
“The nationwide adjustment in transport fares, influenced by recent declines in fuel prices at the pumps, significantly cooled inflationary pressures in May,” Dr. Iddrisu explained.
Food Prices Still Elevated, But Cooling
Although food inflation remains relatively high, GSS noted that it continued to gradually ease, while services and transport-related costs saw the steepest declines, offering relief to household budgets already stretched by years of high price volatility.
Regional Gaps Widen
Despite the overall improvement, inflation remains uneven across the country. The Upper West Region recorded the highest regional inflation rate at 38.1%, driven by persistent food and transport cost pressures. In contrast, the Ahafo Region posted the lowest rate at 14.5%, reflecting more stable pricing conditions.
Economic Outlook Brightens
Economists say the sustained decline in inflation could bolster investor confidence and reinforce the Bank of Ghana’s monetary policy stance, especially as the country seeks to anchor its macroeconomic recovery.
The latest data offers fresh hope for Ghanaian consumers and businesses alike, signaling that the worst of the inflation crisis may now be in the rearview mirror.
