Ghana’s Inflation Falls to 6.3% — Lowest Since 2021

Ghana’s inflation rate has dropped to 6.3% in November 2025, the lowest level recorded since the rebasing of the Consumer Price Index (CPI) in 2021. This marks the 11th consecutive month of decline, signaling broad-based economic stabilization across the country.

Key Drivers of the Decline

Food Inflation: Fell sharply from 9.5% in October to 6.6% in November, driven by significant price drops in vegetables, tubers, fish, and fruits.

Non-Food Inflation: Moderated from 6.9% to 6.1%, supported by slower increases in housing, electricity, clothing, and transport costs.

Goods vs. Services: Goods inflation declined from 9.3% to 7.3%, while services inflation eased to 3.8%.

Local vs. Imported Items: Inflation for locally produced items dropped to 6.8%, while imported inflation fell sharply to 5.0%, reflecting softer global commodity prices and cedi stability.

Regional Trends

Savannah Region: Recorded the lowest rate at -0.02%, buoyed by abundant food supplies in rural markets.

North East Region: Posted the highest rate at 12.2%, followed by Upper West and Northern regions, where transport challenges continue to push prices higher.

Greater Accra: Despite a moderate rate, remained the largest contributor to national inflation due to its population size and consumption weight.

On a month-to-month basis, inflation rose slightly by 0.9% in November, reversing October’s 0.4% decline. This uptick was mainly due to price adjustments in restaurants, personal care items, and miscellaneous goods and services.

Government Statistician Dr. Alhassan Iddrisu described the slowdown as proof of broad-based economic stabilization, citing easing pressures in both food and non-food categories, improved domestic supply conditions, lower fuel cost pass-through, and a relatively stable cedi.

The consistent downward trend has created a more predictable cost environment for households and businesses after years of volatility. Analysts suggest that this could pave the way for:

Lower interest rates to stimulate borrowing and investment.

Improved consumer confidence, boosting spending and economic activity.

Greater fiscal space for government planning and private sector growth.

Ghana’s inflation slowdown to 6.3% represents a significant milestone in the country’s economic journey. With food and non-food prices easing and regional disparities narrowing, the outlook points toward a more stable and predictable financial environment. The challenge now lies in sustaining this momentum while addressing structural issues such as transport costs and regional supply gaps.