Inflation in Ghana
Consumer price inflation in Ghana averaged 14.3% in the ten years to 2022, which is above the Sub-Saharan Africa regional average of 9.4%. The 2022 average figure was 31.9%. For more inflation information, visit our dedicated page.
Ghana Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Ghana from 2013 to 2022.
Source: Ghana Statistical Service.
Ghana Inflation Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 9.8 | 8.4 | 8.7 | 10.0 | 31.9 |
| Inflation (CPI, ann. var. %, eop) | 9.4 | 6.2 | 10.5 | 12.6 | 54.2 |
Inflation drops in September
Inflation dropped to 38.1% in September, following August’s 40.1%. September's reading marked the lowest inflation rate since September 2022. Looking at the details of the release, prices for food and beverages and transport increased at a weaker rate in September. Annual average inflation ticked down to 44.9% in September (August: 45.0%). Finally, consumer prices increased a seasonally adjusted 1.88% from the previous month in September, contrasting the 0.23% fall seen in August.
On the outlook for inflation, analysts at Goldman Sachs commented: “We expect the base effects on food inflation to drive disinflation in Q4, following last year's recurrent FX shocks that took place in H2. That said, the recent global commodity price increases and the dominance of these items in Ghana’s CPI basket (food accounts for 43% of the basket) imply elevated uncertainty regarding this element of the disinflation process in Ghana.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ghanaian inflation projections for the next ten years from a panel of 16 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Ghanaian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Ghanaian inflation projections.
Want to get access to the full dataset of Ghanaian inflation forecasts? Send an email to info@focus-economics.com.