Ghana’s consumer price inflation dropped to 9.4 percent in September 2025, falling below the 10 percent mark for the first time since August 2021, according to the Ghana Statistical Service. The decline extends a nine-month trend of easing prices and marks a milestone in the country’s economic recovery.

The slowdown was driven primarily by food prices, which moderated to 11 percent from 14.8 percent in August, while non-food inflation also edged lower to 8.2 percent from 8.7 percent. The easing has surpassed the government’s full-year inflation target, providing relief to households and businesses that have faced persistent price pressures.

The Bank of Ghana responded to the disinflation trend by cutting its benchmark policy rate by 350 basis points in September, lowering it to 21.5 percent from 25 percent. This marks the second significant rate reduction in 2025.

“This reflects a sustained decline in inflationary pressures and the expectation of continued fiscal consolidation,” said Dr. Johnson Asiama, Governor of the Bank of Ghana. The move is intended to support credit growth and stimulate economic activity while keeping macroeconomic stability in check.

With inflation now firmly within the central bank’s 6 percent to 10 percent target band, policymakers are positioned to maintain the current easing trajectory while monitoring potential risks from global commodity markets and domestic fiscal developments.