Ghana’s inflation slows to 11.5% in August, nears 2025 target

Ghana’s year-on-year inflation eased to 11.5% in August 2025, extending the steady disinflation trend that began after the sharp price surges of late 2024, the Ghana Statistical Service (GSS) has reported.

The latest print also showed a 1.3% month-on-month decline, signalling that price pressures moderated across multiple categories during the month.

Food and non-alcoholic beverages remained the main driver of inflation, recording 14.8% year-on-year, compared with 8.7% for non-food items.

At 11.5%, inflation now sits just below the government’s 2025 target of 11.9%, as outlined in the national budget.

The development is particularly notable given the wide divergence in earlier forecasts. In April 2025, the International Monetary Fund (IMF) projected Ghana’s end-year inflation at 17.5%, citing concerns over lingering structural imbalances and slow easing of price pressures.

However, following a sharp decline from 18.4% in June to 13.7% in July, the IMF revised its forecast downward, now expecting inflation to end the year at around 12%.