Ghana’s inflation rate dropped again in March 2026, extending a remarkable disinflation streak and reinforcing confidence in the country’s economic recovery. The latest data shows that inflation eased to 3.2 percent from 3.3 percent in February, marking the fifteenth straight monthly decline and the lowest level recorded since the 2021 consumer price index rebasing.
Government Statistician Alhassan Iddrisu announced the figures during a virtual briefing in Accra, highlighting the sustained stability of the cedi as a key factor behind the easing price pressures. As a result, Ghana continues to stand out among African economies managing post-inflation adjustments effectively.
Despite renewed global risks, inflation trends in Ghana remain largely contained. Notably, crude oil prices have surged past $100 per barrel due to escalating tensions in the Middle East, including developments involving Iran. However, the expected spillover into domestic prices has so far remained limited, offering relief to policymakers and consumers alike.
On a monthly basis, prices recorded a slight increase of 0.1 percent between February and March, indicating mild underlying pressure within the economy. Even so, the broader downward trajectory continues to shape expectations for stability in the near term.
Food inflation maintained its downward path, easing to 2.3 percent from 2.4 percent in February. Prices in this category fell by 0.3 percent month-on-month, bringing some relief to households grappling with living costs. At the same time, non-food inflation edged down to 3.9 percent from 4.0 percent, although monthly prices rose by 0.3 percent, signalling emerging cost pressures outside the food sector.
Goods inflation played a central role in the overall decline. It slowed sharply to 1.7 percent from 3.2 percent in February, while prices dropped by 1.0 percent on a monthly basis. Since goods account for nearly three-quarters of the consumer price basket, this decline significantly pulled overall inflation lower.
In contrast, services inflation accelerated strongly, rising to 7.2 percent from 3.7 percent. Monthly prices in the services sector increased by 0.4 percent, pointing to rising operational and supply-side costs across service-driven industries.
A closer look reveals diverging trends between domestic and imported inflation. Inflation for locally produced goods increased to 4.9 percent from 4.5 percent, reflecting growing internal cost pressures. Meanwhile, imported inflation fell sharply to negative 0.6 percent from 0.6 percent, supported by exchange rate stability and easing global price conditions.
Regional data also shows uneven inflation patterns across the country. The North East Region recorded the highest inflation rate, while the Savannah Region experienced deflation at negative 4.6 percent. These disparities highlight the influence of local supply chains, transport costs, and market accessibility on price movements.
Across Africa, Ghana’s inflation path contrasts with broader trends. Several central banks, including those in Angola, Morocco, South Africa, and Ethiopia, have paused rate cuts as they assess the inflationary risks linked to rising energy costs. In comparison, Ghana continues to adopt a more accommodative stance.
The Bank of Ghana recently reduced its policy rate by 150 basis points to 14 percent during its second Monetary Policy Committee meeting of the year. This move marks the fifth consecutive rate cut and brings borrowing costs to their lowest level since October 2021. However, the smaller size of the latest cut signals a cautious and measured approach as global uncertainties persist.
Overall, Ghana’s steady decline in inflation positions the country as one of Africa’s strongest disinflation success stories in 2026. While external risks remain, current trends suggest that policymakers still have room to support growth without triggering significant price instability.
