In 2021, the inflation rate in Ghana amounted to about 9.98 percent compared to the previous year. Ghana’s inflation peaked at almost 17.5 percent in 2016 and is predicted to decrease to 8 percent by 2029.

Steady is best for inflation

According to economists, a steady inflation rate between two and three percent is desirable to achieve a stable economy in a country. Inflation is the increase in the price level of consumer goods and services over a certain time period. A high inflation rate is often caused by excessive money supply and can turn into hyperinflation, i.e. if inflation occurs too quickly and rapidly, it can devalue currency and cause a recession and even economic collapse. This scenario is currently taking place in Venezuela , for example. The opposite of inflation, the decrease in the price level of goods and services below zero percent, is called deflation. While hyperinflation devalues money, deflation usually increases its value. Both events can damage an economy severely.

Is Ghana’s economy at risk?

Ghana’s economy is considered quite stable and fast-growing, and is rich in oil, diamonds, and gold. After struggling in the years around 2015 due to increased government spending and plummeting oil prices, it is now on an upswing again. This is also reflected in the decreasing inflation rate, and other key indicators like unemployment and rapid GDP growth support this theory. However, Ghana’s government debt is still struggling with the consequences of the 2015 crisis and forecast to keep skyrocketing during the next few years.

Inflation, monthly percent change in the CPI in Ghana, February, 2025 The most recent value is 1.31 percent as of February 2025, a decline compared to the previous value of 1.73 percent. Historically, the average for Ghana from February 2000 to February 2025 is 1.29 percent. The minimum of -1.52 percent was recorded in September 2011, while the maximum of 12.8 percent was reached in February 2003. | TheGlobalEconomy.com

As of September 2023, the year-on-year inflation rate for food and non-food in Ghana was highest in the Eastern region, which registered 49.9 percent. As of the same date, the Ashanti region recorded the lowest yearly rate in prices of goods and services in the country at 31.2 percent.

Cost of food in Ghana increased 28.10 percent in February of 2025 over the same month in the previous year. This dataset provides - Ghana Food Inflation - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Ghana Core Inflation Rate: excl Energy, Utility, Volatile Items and Transportation data was reported at 10.500 % in Oct 2018. This records a decrease from the previous number of 10.800 % for Sep 2018. Ghana Core Inflation Rate: excl Energy, Utility, Volatile Items and Transportation data is updated monthly, averaging 12.650 % from Jan 2016 (Median) to Oct 2018, with 34 observations. The data reached an all-time high of 17.900 % in Jul 2016 and a record low of 10.500 % in Oct 2018. Ghana Core Inflation Rate: excl Energy, Utility, Volatile Items and Transportation data remains active status in CEIC and is reported by Bank of Ghana. The data is categorized under Global Database’s Ghana – Table GH.I006: Core Inflation Rates.

The annual average consumer price index in Ghana was forecast to continuously increase between 2024 and 2029 by in total 321.9 points (+51.68 percent). After the fifteenth consecutive increasing year, the index is estimated to reach 944.84 points and therefore a new peak in 2029. Notably, the annual average consumer price index was continuously increasing over the past years.As defined by the International Monetary Fund, this indicator measures inflation on the basis of the average consumer price index. This index measure expresses a country's average level of prices based on a typical basket of consumer goods and services during a certain year. Typically a reference year exists for which a value of 100 had been assigned.Find more statistics on other topics about Ghana with key insights such as the budget balance in relation to the gross domestic product, the ratio of government expenditure to the gross domestic product, and ratio of the national debt to the gross domestic product.

The Consumer Price Index in Ghana was reported at 194.1 points in September 2023, which was an increase of 53.5 points compared to September 2022. Inflation increased progressively from September 2022 onwards. Overall, within the period reviewed, the change in prices of goods and services consumed by households in Ghana achieved a monthly inflation change rate ranging between minus 1.2 and 8.6 percent.

Ghana Core Inflation Rate: excl Energy, Utility and All Food Items data was reported at 11.200 % in Oct 2018. This records a decrease from the previous number of 11.900 % for Sep 2018. Ghana Core Inflation Rate: excl Energy, Utility and All Food Items data is updated monthly, averaging 16.900 % from Jan 2016 (Median) to Oct 2018, with 34 observations. The data reached an all-time high of 24.900 % in Mar 2016 and a record low of 11.200 % in Oct 2018. Ghana Core Inflation Rate: excl Energy, Utility and All Food Items data remains active status in CEIC and is reported by Bank of Ghana. The data is categorized under Global Database’s Ghana – Table GH.I006: Core Inflation Rates.

Producer Prices in Ghana increased 27.60 percent in February of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Ghana Producer Prices Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Consumer Price Index (CPI) in Ghana reached an average of 226.4 points in June 2024, with the Eastern region recording the highest index (262.3 points) compared to the other regions in the country. Furthermore, the Upper West region registered the lowest CPI, at 197.9 points.

Die Inflationsrate in Ghana sank im Januar von 23,80 Prozent im Dezember 2024 auf 23,50 Prozent. Diese Werte, historische Daten, Prognosen, Statistiken, Diagramme und ökonomische Kalender - Ghana - Inflationsrate.

Ghana Core Inflation Rate: excl Energy, Utility, Volatile Items and Transportation: 2021=100 data was reported at 20.000 % in Aug 2024. This records a decrease from the previous number of 20.800 % for Jul 2024. Ghana Core Inflation Rate: excl Energy, Utility, Volatile Items and Transportation: 2021=100 data is updated monthly, averaging 28.100 % from Oct 2021 (Median) to Aug 2024, with 34 observations. The data reached an all-time high of 54.400 % in Dec 2022 and a record low of 10.000 % in Oct 2021. Ghana Core Inflation Rate: excl Energy, Utility, Volatile Items and Transportation: 2021=100 data remains active status in CEIC and is reported by Bank of Ghana. The data is categorized under Global Database’s Ghana – Table GH.I010: Core Inflation Rates.

Ghana GH: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data was reported at 13.395 % in 2017. This records a decrease from the previous number of 17.809 % for 2016. Ghana GH: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data is updated yearly, averaging 17.429 % from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 43.045 % in 1995 and a record low of 11.150 % in 1992. Ghana GH: Inflation:(GDP) Gross Domestic ProductDeflator: Linked Series data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Ghana – Table GH.World Bank.WDI: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years.; ; World Bank staff estimates based on World Bank national accounts data archives, OECD National Accounts, and the IMF WEO database.; ;

In November 2021, the inflation rate in Ghana increased to 12.2 percent over the same month in 2020. The year-on-year rate was 1.2 percentage points higher, compared to October 2021. That month, the inflation stood at 11 percent.

Wskaźnik cen konsumpcyjnych w Ghanie wzrósł o 1,70 procenta w styczniu 2025 roku w porównaniu z poprzednim miesiącem. Aktualne wartości, dane historyczne, prognozy, statystyki, wykresy i kalendarz ekonomiczny - Ghana - Inflacja m/m.

In September 2023, prices of food and non-food fell the most in the Upper East region of Ghana, reaching an inflation rate of minus 0.5 percent. On the other hand, as of the same date, the highest monthly inflation rate was registered in the Greater Accra region with 3.2 percent, followed by the Eastern region at 3.1 percent. Overall, three regions recorded an inflation rate above the national average.

This dataset is about countries in Ghana per year, featuring 4 columns: country, date, electricity production from oil sources, and inflation. The preview is ordered by date (descending).

In 2022, the Consumer Price Index (CPI) in Ghana grew to 441.67 points from 336.49 points in the previous year. Furthermore, the change in the cost of consumer goods and services saw a progressive increase from 108.7 points in 2011 to the 2022 figure, which registers a total growth of 332.97 points. Overall, as of September 2023 in Ghana, the inflation rate stood at 49.3 percent for food and non-alcoholic beverages.

The coronavirus (COVID-19) pandemic was projected to affect Ghana's rate of inflation. The inflation rate was estimated at 8.5 percent for 2020 and 7.5 percent for 2021, before the outbreak of the virus. However, due to the pandemic, inflation projections in the country amounted to 11.2 percent and 9.3 percent for 2020 and 2021, respectively (under a baseline scenario). Furthermore, on the assumption that the COVID-19 pandemic got even worse, the rate of inflation was revised at 12.7 percent and 10.6 percent. It can therefore be seen that the studied impact was estimated to increase both under baseline and worst-case scenarios of COVID-19. Overall, on August 1, 2020, the highest daily increase in cases was recorded in Ghana.

This scatter chart displays inflation (annual %) against electricity production from oil sources (% of total) and is filtered where the country is Ghana. The data is about countries per year.